KeyBank Community Development Lending and Investment provides capital solutions for affordable housing and community development projects in urban and rural communities across all 50 states. As one of the nation’s premier affordable housing capital providers, we offer one-stop-shop debt and equity capabilities that bring together balance sheet, equity and permanent loan offerings.
Affordable housing owner-operators and developers seeking to build, acquire and preserve affordable housing can leverage Key’s broad, fully integrated platform, including solutions such as: construction; acquisition; bridge-to-re-syndication and preservation loans; lines of credit; various permanent loan executions including Fannie Mae, Freddie Mac, FHA/HUD and bond; and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing. In addition, the KeyBank team can help clients assemble innovative and complex financing in partnership with multiple for-profit, non-profit and government entities.
With a national presence and a seasoned team of more than 50 professionals serving clients coast to coast, we deliver deep product and solution expertise to help local affordable housing and economic development projects succeed.
KeyBank Community Development Lending and Investment provided $10 million construction/LIHTC 9% loan to develop 35 affordable housing units in Juneau, Alaska. Key Community Development Corporation (KCDC) is the tax credit investor providing $9 million in equity.
KeyBank Community Development Lending and Investment provided $19 million to the Park at Wellington, a 110-unit, garden-style affordable housing property located in Holiday, FL. The financing included a $15.5 million construction loan and a $3.5 million Freddie Mac permanent loan through the Freddie Mac Targeted Affordable Housing Program.
Key Community Development Lending provided $9 million Freddie Mac Tax Exempt Loan for the purpose of rehabilitating Manors I and II located in Glenwood Springs, Colorado; and a $5.2 million equity investment through Key Community Development Corporation. The senior affordable housing community consists of two six-story buildings built in 1978 and includes 76 one-bedroom units.
KeyBank Community Development Lending and Investment provided a 9% LIHTC construction loan of $5.75 million for the purpose of constructing a 4-story, 45-unit affordable housing community in East Liverpool, Columbiana County, Ohio. Key will also provide a $650,000 permanent loan.
KeyBank Community Development Lending and Investment provided a 9% LIHTC construction loan of $7.4 million for the purpose of acquiring and rehabilitation Sun Tower Apartments. The 12-story, 142-unit mix of affordable senior housing will include affordable housing units for elderly persons aged 65+.
KeyBank Community Development Lending and Investment provided a $11 million Freddie Mac loan to Stamas Corporation to acquire the Silver Ridge Apartments. KeyBank represented the 99% LIHTC equity investor in the project as well.
Insights & Resources
Our thought leaders provide their insights and expertise on industry topics.
Multifamily developers and owners can stop worrying about interest rate risk.
Insights on how to leverage the affordable housing shortage.
In the News
Robert L. Likes, National Manager of Key's Community Development Lending and Investment, spoke recently to GlobeSt.com.
Rob Likes, National Manager of Community Development Lending and Investment, discusses the current state of the affordable housing market.
KeyBank’s national affordable housing initiative featured in National Real Estate Investor.
Products & Services
- Bridge-to-re-syndication and preservation loans
- Lines of credit
- Fannie Mae, Freddie Mac, FHA/HUD and private placement tax-exempt bond programs
- Various permanent loan executions
- Equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing
- Federal Home Loan Bank programs
Community Reinvestment Act
KeyBank’s corporate mission is to help clients and communities thrive. For its ability to lend to, invest in and serve its communities, especially low-to-moderate income communities, KeyBank has earned eight “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC), on the Community Reinvestment Act (CRA) exam. Key was the first U.S. national bank among the 25 largest to be rated Outstanding eight consecutive times since the Act’s passage in 1977.