Community Development Banking

Key’s Community Development Banking (CDB) is committed to the success of underserved communities, and with expertise, innovation, and leadership, helps local people and projects succeed. Through its commercial lending and tax credit investment team, CDB has expert financing capabilities and is able to structure even the most complicated deals. CDB is also dedicated to helping individuals and families achieve financial success, and works closely with local residents, providing free financial education courses and a suite of non-traditional banking solutions called “KeyBank Plus.”

While investing in innovative products and services to create economic stability and wealth, CDB carefully adheres to government regulations, including the Community Reinvestment Act (CRA). Since the passage of the CRA, Key has earned eight consecutive “Outstanding” CRA ratings from the federal government, for investing in its communities, especially underserved neighborhoods, and for providing unique solutions to underserved individuals.

By assisting communities and sustaining a viable business model at the same time, Key is able to focus both on “mission” and “margin.”

Community Development Lending (CDL) and Key Community Development Corporation (KCDC)

Community Development Lending and Investment staff is comprised of experienced professionals, who have the expertise to help local economic development projects succeed. These projects often involve innovative and complex financing from a variety of sources and are essential for the stabilization and revitalization of neighborhoods. Our staff is skilled at structuring affordable housing projects, assisting economic development growth, and providing financing for both for-profit and nonprofit entities.

The strong debt and equity financing capabilities of the team are all conveniently housed under one roof, and include construction and permanent lending, investment in Low Income Housing Tax Credits, Historic Tax Credits, New Markets Tax Credits, and other nontraditional community development initiatives.

Community Reinvestment Act (CRA)

The Community Reinvestment Act, a federal law passed in 1977, requires banks to meet the credit and banking needs of low- and moderate-income communities (LMI) across America. It encourages banks to responsibly provide services in LMI communities, including savings accounts, checking accounts, and loans, including home mortgages.

In assessing a bank’s compliance with the CRA, the Office of the Comptroller of the Currency (OCC) evaluates a bank’s 1. mortgages, 2. retail and small-business banking and 3. community development lending, investments and service. Banks receive an overall rating, as well as a rating for the three subcategories, of either: "Outstanding," "Satisfactory," "Need to improve," or "Substantial noncompliance."

Key has earned eight consecutive "Outstanding" CRA ratings from the OCC for investing in its communities, especially underserved neighborhoods, and for providing unique solutions to underserved individuals. In addition to the overall "Outstanding" rating, Key received an "Outstanding" in all three subcategories on its last exam.

The OCC assesses the CRA performance of a bank in an examination every three to four years, and Key’s most recent exam period covered July 1, 2008 through September 30, 2011.  Key’s last exam rating was released in 2013 and its next exam will begin with the period starting with the late 2011 data.  Please view our most recent exam.

Meeting the Financial Needs of our Clients

KeyBank Plus

Key is committed to serving the banking needs of those in our communities and helping them to achieve their financial goals. Through our KeyBank Plus program, currently available in more than 300 branches, we offer convenient products and services that meet the needs of clients who may be new or unfamiliar with banking, or who may have had challenges managing a banking relationship in the past. An account is not required to take advantage of KeyBank Plus products or services.

Through KeyBank Plus, clients, including those on ChexSystems, are welcome to cash approved payroll, government and income tax checks, for one low fee. Additional KeyBank Plus products and services include fee-free money orders, a first-time saving account with 18-month fee waiver, a loan program that helps build or repair credit and free financial education and support offered by our dedicated KeyBank Plus employees.

Learn more about KeyBank Plus or locate a branch near you.

KeyBank Mortgage

KeyBank Mortgage (KBM) Loan Officers work closely with Community Development Banking to provide homeownership financing packages for low-income and moderate-income borrowers in KeyBank districts throughout the country. They also work with local community organizations and real estate sales companies to better serve this customer segment.

KeyBank Mortgage is committed to the communities Key serves and places a priority on understanding the special challenges and complexities of community development and affordable housing.

Through a dedicated team of mortgage originators, KBM offers several competitively priced fixed rate mortgage products to help our communities achieve and maintain homeownership, including products for purchase, refinance and rehabilitation. KBM products include Key’s proprietary Key Community Mortgage and Key Community Renew-A-Home, as well as agency Programs, including My Community Mortgage, a USDA Guaranteed Rural Housing product, and FHA and VA products.

Additionally, some homebuyers may be eligible for down payment assistance through local government entities and non-profit agencies. Typically, the assistance can be used to make reasonable down payments and pay closing costs for the purchase of a home. KBM Loan Officers can provide more detail on programs available in your area.

Supplier Diversity and Economic Inclusion

By cultivating relationships with diverse businesses, owned, operated and controlled by minority, women and veterans, KeyBank continues to make a significant contribution to the economic prosperity of the communities we serve, while delivery on the needs of our clients.

As a part of our corporate commitment and business strategy to inclusion, we strive to provide diverse businesses an equal opportunity to compete and participate in all areas of our procurement and contracting activities. Additionally, we look forward to helping grow our supplier’s capacity and opportunities, providing services and products to fit their needs.

If you are interested in learning more about KeyBank and our strategy, visit Our Commitment to Supplier Diversity for more information.