How KeyBank Fuels Economic Growth
Have you heard the saying, "It takes money to make money"? At KeyBank, we understand the truth behind this statement. We know that communities need more than sheer determination to create wealth — they need capital. An infusion of cash can propel a neighborhood towards thriving.
How KeyBank's CDLI Loans Spark Hope and Economic Growth
Most investors watch keenly for neighborhoods that are already in the midst of revitalization and will typically, only try to get involved after the area has proven it's the next trendy hot spot. By contrast, the KeyBank Community Development Lending and Investment (CDLI) program looks for areas that would benefit the most from assistance. In 2018 alone, KeyBank invested $2.5 billion in community development and affordable housing projects. People in both urban and rural communities and in all 50 states have benefited from these investments, but a couple of recent projects are especially worth highlighting:
- Residents of Ohio City, a diverse and vibrant neighborhood in Cleveland, have been experiencing rising rents. In response, KeyBank CDLI provided a $9.9 million construction loan to Forest City Square Apartments, a mixed-income housing project that offers amenities including gated parking, an elevator, a fitness facility, a playground, gardening boxes, and a rooftop patio. Most importantly, the new space keeps Ohio City residents from being pushed out of a community they love.
- Another inspiring example of the CDLI program in action is taking place in Anchorage, Alaska, where KeyBank provided loan financing for the Cook Inlet Housing Authority (CIHA) to develop the Elizabeth Place Apartments. The facility will provide underserved area residents with 38 affordable housing units: 15 units will be fully equipped for individuals with sensory and mobility impairments, 10 are designated for people with other types of disabilities, and another four are reserved for people experiencing homelessness.
These projects are just a couple of examples that demonstrate our mission: to stimulate economic growth for low- to moderate-income individuals, families, and businesses. In the end, it's all about building hope, opportunity, and value — while retaining the character of a community.
More Than Money
KeyBank doesn't only focus on capital solutions, though. Developers and affordable housing owner-operators choose Key because of the expertise we have in these challenging and multi-layered transactions. The experience and knowledge gained through past work have positioned us to know exactly how to move these deals to completion.
Additionally, we offer a suite of helpful services, such as construction, acquisition, and a variety of permanent loan executions, because while capital solutions are vital, they're just the beginning.
For more information on how KeyBank fuels economic growth, check out the KeyCorp 2018 Corporate Responsibility Report. There you'll find many more creative, inspiring examples of how the banking industry can help both clients and communities thrive.