KeyBank Finances the Construction of Affordable Housing for Low- to Moderate-income Households in Portage, Mi
CLEVELAND, December 19, 2018 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) has provided $21.9 million in total financing to Home Leasing, LLC for the historic preservation and creation of affordable housing in the former Holley High School in Holley, NY. KeyBank provided a $9.9 million construction loan, plus $6.8 million in Low-Income Housing Tax Credit (LIHTC) equity and $5.1 million in Historic Tax Credit (HTC) equity.
Holley Gardens is an adaptive re-use project that will preserve the former Holley High School and transform it into a mixed-use and mixed-income property offering 41 units of housing for low- to moderate-income seniors. There is also 6,080 square feet of planned commercial space leased to the Village of Holley. The community is located within steps of the local library, restaurants and services. The project breaks ground today in a preservation celebration.
“KeyBank is proud to partner with Home Leasing and Edgemere Development to preserve and transform Holley High School into this mixed-use space,” said Rob Likes, national manager of the CDLI team. “Importantly, the preservation celebration today demonstrates our commitment to making safe and decent affordable housing available in the communities we serve.”
“Our mission at Home Leasing is to improve the lives of residents in the communities in which we work,” said Nelson Leenhouts, Chairman & CEO of Home Leasing. “KeyBank’s partnership, along with broad community support will establish Holley Gardens as a welcoming, thriving senior community in the heart of the Village of Holley.”
Upon completion, there will be a total of 41 multi-family units ranging from studio, one- and two-bedroom apartments targeting seniors at rent levels at or below 30%, 50%, 60% and 80% area median income (AMI) levels. Seven of the units will be available for households where at least one member is a person with a physical disability who will have access to supportive services through the Orleans County Office on Aging.
“KeyBank’s CDLI team is committed to making more affordable housing options available across the country,” said Jaime Tuozzolo, vice president and senior relationship manager on KeyBank’s CDLI team. “The preservation of local space like the former Holley High School is critically important to this effort. The local support for this development was impressive. We are honored to celebrate the commencement of Holley Gardens with our partners today.”
Tuozzolo worked on the financing with Ryan Olman, vice president and senior relationship manager on KeyBank’s CDLI team.
Additionally, New York State Homes and Community Renewal has provided a $3.1 million Housing Trust Fund loan, a $1 million Community Investment Fund loan and a total of $668,515 in annual tax credits to support the Holley Gardens project. New York State Empire State Development has provided a $1 million RestoreNY grant.
About Home Leasing, LLC
Rochester-based Home Leasing, LLC specializes in the development, construction and management of apartment communities. Founded in 2006 by veteran real estate developer and former co-CEO and co-Chairman of Home Properties Nelson Leenhouts, the company is owned and operated by three generations of the Leenhouts Family. Home Leasing today employs over 120 people who provide support to or are directly involved in the day-to-day operations of affordable, mixed-income and market rate residential communities across New York, Pennsylvania and Maryland. Home Leasing and Home Leasing Construction became Certified Benefit Corporations (“B Corps”) by the non-profit B Lab in 2017. B Corps are companies that use the power of business to solve social and environmental problems. B Corp. certification is to business what Fair Trade certification is to coffee or USDA Organic certification is to milk.
About Key Community Development Lending/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. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
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 $138.8 billion at September 30, 2018. 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 over 1,100 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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