New Path II

Overview

Size $21.3 million
Construction Loan and LIHTC/SLIHC Equity
Client & Transactional Partners The Pacific Companies

Summary

KeyBank Community Development Lending & Investment, in partnership with Banner Bank, provided $21.3 million in construction loans for New Path II, a 96-unit permanent supportive housing project in Boise, Idaho. This 9% and 4% twinning Low-Income Housing Tax Credit (LIHTC) project will have 95 units, which will serve families and individuals who have or are experiencing homelessness and earning no more than 30% – 60% of the area median income (AMI).

Supportive services for residents will include case management, mental health/medical services, independent living skills, education, employment service, substance abuse and addiction services, and transportation. All units will be supported by project-based Section 8 assistance. We want to thank The Pacific Companies, The Richman Group, Banner Bank and the City of Boise for their commitment to the shared mission to build much-needed affordable housing in Idaho.  

The financing includes a $13.3 million 4% LIHTC construction loan and an $8 million 9% LIHTC construction loan.

b-i-deal-disclosure-banking-products

Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, and availability and subject to change.

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