KeyBank Provides $21 Million of Financing for Affordable Senior Housing Property in New York

CLEVELAND, June 29, 2023 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, New York.

Community View Apartments will consist of 61 units for individuals aged 55 and older and earning no more than 30%, 40%, 50% and 60% of the area median income (AMI). Of the 61 units, 20 will be covered by the Empire State Supportive Housing Initiative (ESSHI) and will target individuals who are at risk of homelessness, formerly homeless, enrolled in Medicaid, and have either a chronic condition, physical disability, or require assistance with one or more instrumental activities of daily living.

The project sponsor is Christopher Community, Inc. (“CCI”), a non-profit developer and manager of affordable housing based in Syracuse. The project will enter into a housing services agreement with Crouse Community Center, a skilled nursing facility affiliated with Crouse Hospital, which will offer the ESSHI units with comprehensive supportive services. An on-site case manager will be provided to develop individual service plans to cater to each tenants’ specific needs as well as help with housing subsidy recertifications, obtaining health insurance, SSI/SSD benefits, SNAP, and utility assistance. The case manager will also assist tenants in applying for educational programs and providing access to computers and the internet.

In addition, the property will have a medical case manager to help tenants schedule doctor’s appointments, coordinate transportation, track health conditions, and provide guidance for healthy living initiatives and social activities. The case managers will coordinate services with offsite local providers for substance abuse counseling, mental health support, vocational training, additional medical case management, legal, and educational services.

The project is in a quiet, residential setting directly adjacent to the Crouse Community campus. In addition, Crouse Community Center has begun construction of an adult daycare facility adjacent to Community View Apartments, which will operate an Adult Daycare Healthcare Programs (ADHC) that will allow registrants to utilize the services of Crouse Community Center’s existing Outpatient Therapy and physician services from the nearby Community Memorial Hospital’s Primary Care Physician Office.

"As we embark on the construction of Community View Apartments, we are grateful for the generous support of KeyBank. Their $21 million financing, comprising a construction loan and Low-Income Housing Tax Credit equity, reinforces our commitment to providing affordable senior housing in Morrisville, New York,” said Justin Rudgick, President & CEO of Christopher Community, Inc. “With a focus on meeting the diverse needs of our residents, including seniors at risk of homelessness, and unstably housed in our community, we are proud to collaborate with Crouse Community Center, state agencies and local service providers to offer comprehensive supportive services. Together, we are building a vibrant community where individuals aged 55 and older can thrive and access vital resources for a fulfilling life."

"Community View Apartments is a project that is representative of what we want to invest in, because it is community-based," said Kate de la Garza, senior relationship manager with KeyBank Community Development Lending. "Christopher Community’s partnership and collaboration with other agencies and providers is reflective of how we can serve the needs of our most vulnerable neighbors."

John Paul Vachon and Kate De La Garza of KeyBank CDLI structured the financing.

About Christopher Community

Established in 1971, Christopher Community currently manages over 3,000 units and more than 100 buildings, as well as administers Onondaga County’s Rental Assistance Program which serves over 1,200 households. Christopher Community, Inc. develops and operates safe, affordable housing for low- and moderate-income individuals and families in a way that respects their dignity, and fosters their independence, while enhancing the character of the neighborhood in which they live. The non-profit organization serves communities across New York State including Syracuse, Rochester, Buffalo, Utica, Watertown, Oswego, Cortland, Elmira, and Canandaigua, amongst others.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.

About KeyCorp

KeyCorp's roots trace back nearly 200 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 $198 billion at March 31, 2023. 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 approximately 1,000 branches and approximately 1,300 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.