Interstate Apartments will provide new and much-needed affordable housing options for those making 30-60% AMI
Submitted by: KeyBank
Posted: Aug 10, 2017 – 04:26 PM EST
CLEVELAND , Aug. 10 /CSRwire/ - KeyBank Community Development Lending & Investment (CDLI) has provided $8.7 million in total financing to support the non-profit Central City Concern in constructing 51 new units of affordable workforce housing that will serve individuals making between 30-60% AMI in Portland, OR. Specifically, KeyBank financed a $3.6 million 4% LIHTC equity investment and a $5.1 million construction loan for the project.
“We at KeyBank are dedicated to making quality affordable housing available to the hardworking individuals and families that call the communities we serve home,” said Rob Likes, national manager of KeyBank’s CDLI team. “Our collaboration with Central City Concern on Interstate Apartments demonstrates how, together, we will help this community thrive.”
Interstate Apartments will set aside 51 units for tenants with incomes at 30%, 50% and 60% AMI. Of these units, three will be income restricted at 30%, 28 will be restricted at 50% and 20 units will be restricted at 60% AMI. Central City Concern will self-manage.
“We are dedicated to helping end homelessness by providing solutions that empower self-sufficiency,” said Rachel Solotaroff, MD, interim president and CEO at Central City Concern. “KeyBank’s support allows us to further this mission in Portland, OR.”
Interstate Apartments is located near critical community services and facilities, including fire stations, hospitals, police stations, parks and schools. The Legacy Emanuel Medical Center is approximately three miles southeast of the property, and public transportation is available throughout the area.
“We are proud to leverage our flexible CDLI platform and help Central City Concern with the financing it needs to complete the construction of Interstate Apartments,” said Beth Palmer, who worked with Aubre Dickson of KeyBank’s Community Development Lending & Investment team to arrange the financing.
About Key Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
About Central City Concern (CCC):
CCC is one of the oldest and largest non-profit housing providers in Portland. Founded in 1979, its mission is to provide comprehensive solutions to ending homelessness and achieving self-sufficiency. CCC’s service strategy includes the following: direct access to housing supportive of lifestyle change, provision of integrated healthcare services effective in engaging people who are often alienated from mainstream systems, the development of peer relationships which nurture and support personal transformation, and the attainment of income through employment or benefit acquisition. CCC is an experienced developer and operator of affordable housing, with communities ranging from four to more than 190 units.
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 $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 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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