KeyBank Provides $19.6 Million in Total Financing for the Construction of Affordable Housing in New York
CLEVELAND, July 18, 2018 /3BL Media/ —KeyBank Community Development Lending and Investment (CDLI) has provided $19.6 million in total financing for the development and acquisition of Mosaic Village in Cohoes, NY. Key provided a $10.7 million construction loan, plus $8.9 million in Low-Income Housing Tax Credit equity.
Upon completion, there will be 68, one-, two- and three-bedroom units for individuals and families earning between 30% and 80% area median income (AMI). Fourteen units will be set aside for individuals with intellectual and developmental disabilities. Additional units will be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative (ESSHI) homeless criteria.
The financing was arranged by Greg Kiger, Joe Eicheldinger, Jennifer Seamons and Victoria O’Brien of Key’s CDLI group. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation.
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. 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 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 $137.0 billion at March 31, 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 approximately 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.