Submitted by KeyBank
KeyBank Community Development Lending and Investments (CDLI) recently provided a $20 million term loan to Enterprise Community Loan Fund Inc. to Equitable Path Forward, for a $3.5 billion nationwide initiative to advance racial equity in real estate development. The aim: To provide financing to minority developers keen on building affordable rental housing in marginalized communities.
Mortgage Professional America's Tony Cantu spoke with Brian Maddox, national team leader for KeyBank's Community Development Financial Institutions team about this initiative.
Anchoring the initiative is a $350 million Growth Fund composed of loans, equity, and grants, for Black, Indigenous and people of color (BIPOC) developers to support affordable and workforce housing projects across the United States. KeyBank’s partnership with Enterprise furthers its relationships with community development financial institutions (CDFIs), allowing financial institutions the opportunity to directly invest in projects that support racial equity in underinvested communities of color.
Read more about KeyBank’s commitment to affordable housing in the 2021 Environmental, Social, And Governance Report.
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.
More from KeyBank