$3 million commitment targets low- to moderate-income borrowers and promote more inclusive communities of opportunity
Submitted by KeyBank
TOLEDO, Ohio, June 22, 2022 /CSRwire/ - KeyBank, NeighborWorks and The Fair Housing Center celebrated the first loan closed under a new program aimed at making financing single-family homes easier and more affordable for low- to moderate-income individuals and families throughout the city of Toledo.
Cynthia and Larry Robinson, clients of the NeighborWorks Financial Wellness Center, are the first homeowners to close on their loan financing it through the unique lending program. As clients, the Robinsons received homebuyer education and financial counseling before applying for the home loan. The home the couple is moving into was recently renovated with accessibility features for their disabled child.
Photo: Cynthia and Larry Robinson are presented with gifts to celebrate their first home, financed by new loan program in city of Toledo.
KeyBank invested $3 million into the program in the fall of 2021, and NeighborWorks is responsible for administering those funds.
“This kind of program is critical to the revitalization of the city of Toledo,” said Jim Hoffman, KeyBank’s Northwest Ohio Market President. “At Key, we remain dedicated to connecting our neighbors to opportunities that allow them to thrive and this is one of the many ways we can accomplish that. We look forward to many more success stories with this program and are thrilled to partner with organizations who take pride in this city.”
It is estimated KeyBank’s investment will assist 60 mortgage and refinance loans at below market rates to borrowers in primarily LMI neighborhoods. To be eligible, borrowers must have an annual income not exceeding 80 percent of the area median income.
“NeighborWorks Toledo is honored to have played a role in the home buyer success experienced by the Robinson family,” said William Farnsel, CEO of NeighborWorks. “The Robinsons have committed to becoming the newest part of the fabric of the Englewood neighborhood.”
Photo: Representatives from KeyBank, NeighborWorks, The Fair Housing Center and City of Toledo gather in front of the Robinson family home to celebrate new loan program.
Read more about KeyBank’s efforts to support the program here:
About NeighborWorks Toledo Region
NeighborWorks America® is the country's preeminent leader in affordable housing and community development, working to create opportunities for lower-income people to live in affordable homes in safe, sustainable neighborhoods that are healthy places for families to grow. NeighborWorks TOLEDO REGION restores and revitalizes NeighborWorks® neighborhoods, primarily for the benefit of current and future inhabitants, by providing services and programs that renew pride, stimulate reinvestment and restore confidence and trust.
About The Fair Housing Center
The Fair Housing Center will be a leading visible force in preventing, correcting, and eliminating discriminatory housing practices. To achieve our vision, the Center works as a trusted community resource, engaging in education and outreach, advocacy for anti-discriminatory housing policies, mediation, research and investigation, and enforcement actions.
The Fair Housing Center is a nonprofit civil rights agency that promotes housing choice, the creation of inclusive communities of opportunity, and the protection and expansion of fair housing rights to support strong communities free of housing discrimination.
The work that provided the basis for this publication was supported by funding under a grant with the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Federal Government.
EQUAL OPPORTUNITY SPECIALISTS
NATIONAL FAIR HOUSING ALLIANCE OPERATING MEMBER
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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