National Community Benefits Plan Results

Helping clients and communities thrive is at the heart of KeyBank’s National Community Benefits Plan.

We’re Making a Difference in Our Communities

In 2021, Key proudly concluded our groundbreaking five-year, $16.5 billion National Community Benefits Plan. Over the course of the plan period, we provided more than $26.5 billion in lending and investments to communities across America, exceeding the aggregate financial commitments of the plan.

Surpassing the commitments of our National Community Benefits Plan has brought access to capital for neighborhoods and neighbors who have often faced barriers to financial support. These investments supported affordable housing and community development projects nationwide; small business and home lending in low- to moderate-income (LMI) communities; and philanthropic efforts targeted toward education, workforce development, and building safe, vital neighborhoods.

Community Benefits Plan Commitments (2017-2021) Five-Year Plan Commitment 2021 Activity Total Investments
Community development lending & investing $8.8B $4.1B $17.2B1
LMI mortgage $5.0B $2.0B $5.7B
LMI small business lending $2.5B $832.9MM $3.5B
Transformative philanthropy $175.0MM $33.8MM $179.5MM
Total $16.5B $6.9B $26.5B

1 As of December 31, 2021, $1.13B of PPP loans that qualified as Neighborhood Revitalization loans were included: $953MM for 2020 and $178.1MM for 2021

Summary of Commitments

Affordable housing/community development

KeyBank finances projects that stabilize and revitalize communities. We are one of the nation’s leading affordable housing lenders with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has made substantial investments supporting community development and affordable housing projects, representing an investment of $4.1 billion in 2021.

Home lending

KeyBank’s mortgage business both originates and services loans. We understand homeownership is a critical factor in building healthy neighborhoods and seek to improve the lives of residents in the communities we serve.

KeyBank’s commitment to homeownership includes banking products that put owning a home within reach for low- to moderate-income individuals. For the past five years, KeyBank has provided $5.7 billion in mortgages to LMI neighborhoods and borrowers in urban and rural communities.

The lead product to support these goals is Key Community Mortgage®. This program offers low down payment options and nontraditional credit approval to help clients in all neighborhoods reach the dream of homeownership.

Small business lending

The path to progress and growth includes a bank that understands the challenges of building a small business from the ground up. This challenge is particularly acute in neighborhoods where access to capital has been a challenge. KeyBank continues to grow small business lending in these communities. With more than $3.5 billion in lending to small businesses in urban and rural communities, we have exceeded our targets by one billion dollars.

Transformative philanthropy

Being part of a community means investing in its success. KeyBank Foundation and First Niagara Foundation are nonprofit charitable organizations focused on transformative philanthropic investments to build stronger communities and improve the quality of life for our neighbors.

In 2021, KeyBank Foundation and First Niagara Foundation made philanthropic investments totaling $33.8 million. Consistent with the Foundations’ strategic pillars of Education, Workforce, and Neighbors, these investments help build meaningful and transformative relationships that will create lasting change in our communities.

Product innovation

KeyBank continues to offer innovative and responsible retail products and services for the underserved through the development of new products for urban and rural LMI communities, with input from the community.

Expanding our commitment

For decades, KeyBank has opened doors to new homes and new businesses, and we’re not done yet. We’re extending and expanding our community investment commitments to more than $40 billion.

Having achieved the aggregate financial commitments of our initial National Community Benefits Plan one year ahead of schedule, Key announced an extension and expansion of our plan in early 2021, committing to invest more than $40 billion in the communities we serve.

We are continuing our focus on investments in affordable housing, mortgage and small business lending, and renewable energy. We are also continuing our tradition of transformative philanthropy by making investments to improve access to education and workforce development as well as safe and vital neighborhoods.

$36 billion – economic equity and inclusion
KeyBank will continue providing affordable housing, home and small business lending in LMI communities, and transformative philanthropy throughout the markets where we do business. In addition, KeyBank plans to support homeownership by investing in down payment assistance. From hiring and career development to increasing spend with diverse suppliers, KeyBank will continue our long-standing focus on diversity, equity, and inclusion inside and outside the company. KeyBank will also build partnerships with CDFIs focused on serving minority-owned businesses and will develop and deliver financial education in minority and LMI communities.

$4 billion – renewable energy and sustainability
Since 2010, KeyBank has made more than $15 billion in renewable energy investments and was a top provider of renewable energy financing in North America in 2019 and 2020. Our updated commitment will include this long-standing focus to increase KeyBank’s renewable energy financing, as well as accelerating Key’s efforts to reduce our environmental footprint.

With 10 consecutive “Outstanding” ratings for exceeding the requirements of the Community Reinvestment Act, Key has a long-standing commitment to responsible banking, responsible operations, and responsible citizenship.

National Advisory Council

In 2017, KeyBank formed a National Advisory Council, which includes a diverse group of community leaders from across our markets, to help oversee plans to provide transformational and meaningful community investment. The Council consists of 11 national leaders, along with members of KeyBank’s Executive Council and Corporate Responsibility team and is focused on the success and well-being of low- to moderate-income communities.

In addition, our Regional Advisory Councils have provided invaluable guidance to help KeyBank serve our most vulnerable populations and underserved communities more effectively. Our Great Lakes, Buffalo, and Capital Region (Albany) New York Regional Advisory Councils include a diverse group of community leaders, who oversee and work in partnership with Key to drive transformational and meaningful community investment.

As part of our ongoing efforts to best serve our communities, we sought feedback from communities throughout our footprint in 2021. Through these community listening sessions and the impact we’ve seen from the first five years, we are actively shaping our community commitments.

The ability of KeyBank to meet the goals set forth within the Plan is subject to favorable market and regulatory conditions during the applicable time periods, as well as other assumptions, risks, and uncertainties, many of which are outside of the control of KeyBank.