by Teri Lovelace, President, LOCUS Impact Investing
Place-based impact investing is sparking community development projects that create more just, equitable local economies, and build prosperous, vibrant communities. Place-focused foundations, like community foundations and family foundations are exploring ways to complement their traditional grant-making with local investments that can catalyze positive community change.
Castilian Apartments is a workforce housing project featuring units with rents at 80% area median income (AMI) or less
CLEVELAND, January 28, 2019 /3BL Media/ — KeyBank announced today $37.1 million in total combined financing to support the refinancing of Castilian Apartments in Orlando, FL by Dominium, one of the largest affordable housing development and management companies in the United States.
The 14.8-acre workforce housing multifamily property features 17, two-story residential buildings with 304 garden-style apartments. Castilian Apartments was originally built in 1975 and renovated in 2017.
The combined construction and permanent loan financing will make 241 units of quality affordable housing accessible to seniors aged 55 or older
CLEVELAND, January 25, 2019 /3BL Media/ — KeyBank Community Development Lending and Investment (CDLI) provided $70 million in combined construction and permanent loan financing to AVS Communities for the Reserve at Lacey, a 241-unit affordable housing property serving seniors aged 55 or older who earn 60% of the area median income (AMI). Reserve at Lacey is in Lacey, WA.
The rehabilitation of two properties in New York City will significantly improve residents’ quality of life and establish permanent affordability for these units, as part of the Permanent Affordability Commitment Together (PACT) program
CLEVELAND, January 25, 2019 /3BL Media/ — KeyBank Community Development Lending and Investment (CDLI) recently closed $24.5 million in total financing for the Gilbane Development Company’s acquisition and renovation of two New York City Housing Authority (NYCHA) properties, Highbridge Franklin and Twin Parks West, to preserve 647 units of permanent affordable housing in the Bronx, NY.
The preservation of affordable housing at White Rock Apartment Homes supports the City of San Antonio’s affordable housing initiatives
CLEVELAND, January 10, 2019 /3BL Media/ - KeyBank announced today arranging $28.4 million in a Fannie Mae affordable housing preservation refinance loan for Commonwealth Multifamily Housing Corporation (“Commonwealth”) for the benefit of White Rock Apartment Homes, a multifamily, 336-unit mixed-income property in San Antonio, TX.
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.
CLEVELAND, December 18, 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.
CLEVELAND, December 17, 2018 /3BL Media/ — KeyBank Real Estate Capital arranged a $3.9 million Fannie Mae, 9% Low-Income Housing Tax Credit (LIHTC) forward commitment permanent loan for Four Corners Development to finance the new construction of Council Trails Apartments. Council Trails Apartments is a 72-unit affordable housing property in Oklahoma City, OK comprised of four, three-story residential buildings. The Oklahoma Housing Finance Agency (OHFA) provided the 9% LIHTC equity allocation.
Habitat for Humanity of Metro Denver is close to completing the largest Habitat development in the state of Colorado, thanks to support from Wells Fargo
About two years ago, Wells Fargo team member Michael Dunn had an idea. While speaking to team members in Community Development in Denver, he asked if the company had ever sponsored an entire house with local affiliate Habitat for Humanity of Metro Denver. Nothing came of the conversation at the time, but the Community Development team asked him about it last year. This time, the idea became reality.