Key Bank Provides $15.5 Million for Construction of Affordable Housing

Key Bank Provides $15.5 Million for Construction of Affordable Housing

Key Bank has announced $15.5 million in financing from its Community Development Lending & Investment unit to Home Leasing in Rochester, New York, in support of affordable housing.

The financing includes a $6.6 million loan for the construction of Charlotte Square on the Loop — a complex of fifty multifamily units that includes studio apartments, one- and two-bedroom apartments, and townhouses targeted to mixed-income households — and $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. Eight units in Charlotte Square will be set aside for individuals earning 30 percent of the area's median income (AMI), twenty-six will be set aside for those earning 60 percent of AMI, and sixteen will be set aside for those earning 80 percent of AMI.

In partnership with Spiritus Christi Prison Outreach, Home Leasing also will set aside eight units for supportive housing for homeless ex-offenders who are in recovery and graduating from transitional housing. SCPO will provide case management and deliver supports such as job training and placement and transportation, as well as oversight of individual and group supportive services to those tenants.

"At KeyBank, we are dedicated to helping communities thrive by investing in affordable housing that creates opportunity," said Rob Likes, national manager of the bank's CDLI team. "Our partnership with Home Leasing, LLC and our investment in Charlotte Square on the Loop demonstrates our commitment to the people and communities we serve."

(Image credit: Home Leasing)