TOLEDO, OH - April 23, 2007 "“ For the first time, residents in East Toledo and Historic South Toledo will have an opportunity to lease, and eventually own, brand new Energy Five-Star homes. These homes feature four bedrooms, two baths, a full basement and a detached garage. Neighborhood Housing Services, using a Low Income Housing Tax Credit awarded last year, is partnering with KeyBank to finance the development.

The entire development will consist of 28 homes. Residents will have the opportunity to lease the homes for 15 years and purchase them thereafter. The second phase, consisting of the construction of 25 more homes, is scheduled to begin next year.

"This project represents a huge overall development change in these neighborhoods and means so much to the people of the area," remarks KeyBank Northwest Ohio President Jim Hoffman. "Everyone benefits from a project like this, from families looking to upgrade their living conditions to those looking to stimulate reinvestment in the community."

All by itself, the project is a significant change for the better for the East Toledo area, but when coupled with the nearby development of the Marina District, the housing project’s impact on the community will be magnified.

"This is an exciting time in our city's history and we're proud to be a part of restoring and revitalizing these distinct neighborhoods," said Bill Farnsel, Neighborhood Housing Services. "This project not only brings vibrance to the city, it’s also an opportunity to groom future homeowners."

Neighborhood Housing Services will provide lessees with counseling and education services that will prepare them to eventually become homeowners.

"One of the benefits of a program like this is that we are able to provide families with the tools they need to eventually move into homeownership," said Mr. Farnsel.

Applicants will be selected based on income and other factors. The new homes will be leased on a first-come, first- served basis. Seventy-five families submitted applications for phase one of the project, four have been selected and are living in their new homes. For more information, call Neighborhood Housing Services at 419-691-2900.

KeyCorp:
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day.

Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.

KeyBank

KeyBank

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

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