KeyBank to Finance Affordable Housing for Seniors with Disabilities Near Syracuse, NY

CLEVELAND, June 7, 2017 /3BL Media/ — KeyBank’s Community Development Lending & Investment (CDLI) team will provide a total of $16.3 million in financing to Christopher Community, Inc. for the construction of Harborbrook Apartments, a mixed-income senior housing development near Syracuse, in Geddes, NY. Christopher Community, Inc., a nonprofit specializing in the development and management of senior housing facilities, will receive a $7.3 million construction loan and up to $9 million in LIHTC equity from KeyBank.

Harborbrook Apartments will feature 60 units for seniors 55 and older making 30%, 50% or 70% AMI; 20 units will be set aside for individuals with disabilities and three units will be set aside for individuals with hearing or visual impairments.

“KeyBank is dedicated to helping clients and communities thrive by helping make safe, decent and affordable housing options available across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “As we face a shortage of affordable seniors housing, we are proud to support Christopher Community, Inc. in their mission to allow our senior neighbors to age in place.”

Residents at the Harborbrook Apartments will benefit from Christopher Community, Inc.’s partnership with the Centers at St. Camillus, one of the largest senior rehabilitation centers in Central New York. The Centers at St. Camillus earned an Empire State Supportive Housing Initiative contract, and will provide rental assistance and subsidize supportive services to seniors making 30% AMI, who come to reside at the Harborbrook Apartments.

“Our mission at Christopher Community, Inc. is to build housing that preserves dignity and fosters independence among seniors and families in our communities,” said Kelly Besaw, vice president of Property Development at Christopher Community, Inc. “We appreciate the opportunity to partner with KeyBank’s CDLI team on our latest effort to create safe and affordable housing for seniors in and around Syracuse, NY.”

The NYS Supportive Housing Initiatives Program, the NYS Middle Income Housing Program and the NYS Energy Research and Development Program also provided funding for the project.

“We are committed to finding the right financial solution that will help partners like Christopher Community, Inc. develop affordable housing that makes a real difference in communities across the country,” added Lynne Callis-Wilson, senior relationship manager on KeyBank’s CDLI team who arranged the financing, along with Ryan Olman, who also serves as a senior relationship manager at KeyBank.

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. CDLI 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 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 $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank 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 https://www.key.com/. KeyBank is Member FDIC.

About Christopher Community, Inc.
Since 1971, Christopher Community has dedicated itself to meeting the housing needs of low- and moderate-income individuals and families, many of whom are elderly or have disabilities.  Christopher Community has developed a variety of safe and affordable housing alternatives from single family to multi-unit buildings across upstate New York. We currently manage nearly 3,000 units in over 104 buildings.  In addition, Christopher Community administers the county-wide Section 8 rental assistance program serving over 1900 households.