Five new underwriters will bolster community development lending and investment work across the national platform out of Cleveland, Boston, Chicago and Seattle
CLEVELAND, November 13, 2018/3BL Media/ -KeyBank Community Development Lending & Investment (CDLI) announced today that it has hired five new underwriters to support work across its growing business. The CDLI platform brings together balance sheet, equity and permanent loan offerings to finance the preservation and development of affordable housing and other community development projects.
CLEVELAND, November 7, 2018 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) provided Cook Inlet Housing Authority (CIHA) $6.9 million in combined construction-to-permanent loan financing for the development of Elizabeth Place Apartments, along with $5.8 million in LIHTC equity. Elizabeth Place Apartments will be a mixed-use project in downtown Anchorage, AK with commercial space and 38 units of affordable housing for those earning between 50 – 60% area median income (AMI). The project will also have 12 market rate units.
When Parkway Overlook Apartments closed in 2008, its residents were forced to relocate. Ten years later, the apartments will be redeveloped, thanks to the city, Wells Fargo, and two former residents willing to fight for the community they loved.
Rufaro Jenkins still fondly remembers celebrating her daughter’s first birthday at her home at Parkway Overlook Apartments in Washington, D.C. — along with the birthdays, proms, and graduations of the other kids who lived there. She and other residents were forced to relocate when poor living conditions and failed inspections closed the buildings in 2008. Even so, Jenkins and others have fought for the last 10 years to bring the apartment community back to life — and keep it affordable.
Find out how a nonprofit in Washington, D.C., is revitalizing local neighborhoods and saving residents from displacement, thanks to support from Wells Fargo.
In Washington, D.C., available real estate is a rare commodity, and this is especially true in areas east of the Anacostia River. Wards 7 and 8 are considered “the last real estate to develop,” said Bill Winston, chief performance officer of MANNA, Inc., a local nonprofit developer of quality, affordable housing in Washington, D.C. As a result, the area has become more desirable to for-profit developers — and a big concern for the residents living there, he said.
Publication from Wells Fargo and Governing Institute includes policy ideas from government officials
SAN FRANCISCO, October 25, 2018 /3BL Media/ — More than 40 percent of government officials say the lack of affordable homeownership is a national crisis, and 33 percent called affordability a serious challenge, according to a new survey from Wells Fargo and the Governing Institute.
CLEVELAND, October 22, 2018 /3BL Media/ - KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment (CDLI) have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland, OH. Specifically, KeyBank provided a $16.6 million LIHTC equity investment, an $11.6 million construction loan and an $11.1 million non-recourse, FHA 221(d)(4) first mortgage loan.
Reimagining an old storage building is made possible through an Opportunity Zone investment.
The building looms large on the SouthSide of Bethlehem, Pennsylvania. With its ornate red brickwork, thick walls and heavy wooden beams, it’s seen its share of history during the 125 years it has stood on the edge of the Lehigh University campus.
For more than half its life the building was an ice plant and cold storage warehouse. But, time and technology have rendered it obsolete. The university used it for many years as a dry storage and maintenance facility. But, the time finally came to find a new use for the old building.
CLEVELAND, October 12, 2018 /3BL Media/ - KeyBank Community Development Lending & Investment (CDLI) has provided $6 million in construction financing to Woda Cooper Communities for the acquisition and substantial rehabilitation of the Stuyvesant Motor building in Cleveland, OH. Upon completion, the historic five-story building will be renamed Prospect Yard and contain 42 units serving individuals and families earning at or below 60% area median income (AMI).
3BL Media SDG Webinar Series Features Business Call to Action, CEMEX, Oct. 17, noon ET
NEW YORK, September 28, 2018 /3BL Media/ – The world’s population is forecast to swell to 9.8 billion people by 2050, and 70 percent will live in urban centers. Unlocking access to affordable housing is key to achieving the United Nations Sustainable Development Goals (SDGs).