KeyBank Provides $9.6 Million to Ninth Permanent Supportive Housing Development in Cleveland

Emerald Alliance IX will provide 66 units to residents who have experienced chronic, long-term homelessness
Oct 20, 2016 9:00 AM ET
Press Release

CLEVELAND, Ohio, October 20, 2016 /3BL Media/ — Today, KeyBank’s Community Development Lending & Investing group (CDLI) announced it will provide $9.6 million in the form of Low Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland, OH. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing plus supportive services to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income.

Emerald Alliance IX is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network (CHN) – Northeast Ohio’s largest community development organization – and Emerald Development and Economic Network (EDEN) – an organization that advocates on behalf of low-income individuals with disabilities or special needs facing homelessness. The Housing First model, endorsed by the National Association to End Homelessness, prioritizes securing housing for homeless individuals as quickly as possible. 

“We are thrilled to play a role in the development of Emerald Alliance IX,” said Robert Likes, national manager of KeyBank’s CDLI team. “At KeyBank, we are dedicated to helping the communities where we live and work thrive. It is a good day when we can help tackle chronic homelessness alongside innovative partners dedicated to the Housing First model.”

Emerald Alliance IX will be an Enterprise Green Community project in Cleveland’s Union Miles neighborhood, an area with easy access to community amenities like public transportation. There will be secure vehicular and pedestrian access.  EDEN will provide property management services and there will be 24 hour/day front desk security staffing. FrontLine Service will coordinate supportive services to residents on-site.

“KeyBank is a dedicated partner in providing quality, affordable housing in low income neighborhoods,” said Irene Collins, Executive Director at EDEN Inc. “We are very excited to break ground on much-needed permanent supportive housing that will help this community grow and prosper.”

KeyBank has invested in six permanent supportive housing developments that follow the Housing First Model with CHN and EDEN to date.

“We are fully dedicated to balancing mission and margin by prioritizing our investment in affordable housing development where KeyBank lives and works,” said Ryan Olman, the relationship manager who closed the deal. “We will continue to finance developments that identify housing as a community vehicle for growth and prosperity.”

About Key Community Development Lending and 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. CLDI 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 eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.

About KeyCorp

KeyCorp’s (NYSE: KEY) 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 $101 billion as of June 30, 2016. The acquisition of First Niagara Financial Group, which became effective on August 1, 2016, added assets of approximately $40 billion, based on June 30, 2016 balances. Key provides deposit, lending, cash management, insurance and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 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 KeyBank and First Niagara Bank, National Association are Member FDIC Institutions.

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Jack Sparks
+1 (720) 904-4554
Laura Mimura
+1 (216) 471-2883