KeyBank Expands Capabilities to Support CDLI Growth

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. Keven Ruf, Stephanie Curtis, Laura Janosko, Derek Reed and Michelle Kennedy bring expertise in community development, real estate development and tax credit financing from public and private sector experience.

“The CDLI team at KeyBank is deeply committed to making affordable housing a reality in the communities we serve by working closely with clients and partners across the country. We believe investing in community development is good business,” said Rob Likes, national manager of KeyBank’s CDLI team. “Our five newest team members will help us make more affordable housing available across the country.”

Ruf joined the Seattle office as a senior affordable housing underwriter. Most recently, Ruf supported local governments, learning institutions and other community-based organizations as part of the Asset Manager Community Development team at the National Development Council. He has a M.A. degree from the University of New Mexico in Community and Regional Planning.

Curtis has extensive credit underwriting, development risk and asset management experience. She joined the Boston office as a senior affordable housing underwriter. Previously, Curtis managed the construction development and lease-up for a national portfolio of more than 25 multifamily and senior LIHTC or HTC affordable properties at Boston Financial Investment Management.

Janosko joined as an affordable housing underwriter in Cleveland. Janosko is experienced in the affordable housing development space, including tax credit programs like LIHTCs, NMTCs and HTCs. She recently prepared market and feasibility studies and appraisals as an analyst at Novogradac & Co. LLP, where her work focused on new affordable housing construction and existing affordable housing properties, plus renewable energy systems and multifamily, commercial, office, retail and mixed-use properties.      

Reed joined the Cleveland office as a senior affordable housing underwriter. Reed joins the CDLI team from the Income Property Group (IPG) at KeyBank, where he was a real estate capital portfolio manager for more than three years.

Kennedy joined the CDLI team as a senior affordable housing underwriter in Chicago. She came from Fannie Mae, where she served as a credit risk manager focused on multifamily affordable housing. Kennedy also has five years’ experience in underwriting on the Community Development Banking team at JP Morgan Chase, including LIHTC, NMTC, construction and permanent loan analysis for residential and commercial proprieties in low- and moderate-income communities. She has an M.A. in City and Regional Planning from Rutgers University.

About Key Community Development Lending/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. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.

About KeyCorp

KeyCorp's 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 $138.8 billion at September 30, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 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 https://www.key.com/. KeyBank is Member FDIC.

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