KeyBank Fuels Redevelopment Effort to Provide Seniors in New York with Affordable Housing Options

The financing will support the redevelopment of a former public school into 50 units of affordable housing for low-income seniors and homeless frail elderly
Dec 18, 2018 4:00 PM ET
Press Release

CLEVELAND, December 18, 2018 /3BL Media/— KeyBank Community Development Lending & Investment (CDLI) provided a $10.8 million construction loan to support the Jason Gwilt Memorial Senior Apartments, a converted public school in Verona, NY that will make 50 units of affordable seniors housing and a senior center available to the community.

The Jason Gwilt Memorial Senior Apartments will be reserved for senior citizens making up to 50% of the area median income (AMI). Fifteen of the 50 units will be set aside for homeless frail elderly, who will receive services through Governor Cuomo’s Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR).

“KeyBank is dedicated to supporting the construction and preservation of safe, decent affordable housing in the communities we serve across the country,” said Rob Likes, national manager of the CDLI team. “The Jason Gwilt Memorial Senior Apartments project offered an opportunity to serve seniors in need, and we were proud to provide the financing to make the redevelopment possible.” 

In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low interest long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment.

Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.

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.

About KeyCorp

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 KeyBank Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

Media Contact 
Laura Mimura
laura.mimura@key.com
216.471.2883

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