KeyBank Community Development Lending & Investment has announced $8.7 million in financing to Central City Concern, a nonprofit housing provider in Portland, Oregon, for the construction of affordable workforce housing for individuals earning between 30 percent and 60 percent of the city's average median income (AMI).
The financing includes a $3.6 million low-income housing tax credit equity investment at 4 percent and a $5.1 million construction loan. Interstate Apartments will set aside three units for tenants with incomes at 30 percent of the AMI, twenty-eight units at 50 percent, and twenty units at 60 percent. Central City Concern will manage the units, which will be located near critical community services such as fire and police stations, hospitals, parks, and schools.
"We at KeyBank are dedicated to making quality affordable housing available to the hardworking individuals and families that call the communities we serve home," said Rob Likes, national manager of KeyBank's CDLI team. "Our collaboration with Central City Concern on Interstate Apartments demonstrates how, together, we will help this community thrive."