Keybank Provides $54.5 Million for New Affordable Housing Units Near Seattle
Puget Park will offer 256 new affordable housing units for families
CLEVELAND, February 2, 2017 /3BL Media/ — KeyBank’s Community Development Lending & Investing (CDLI) group announced today it has provided $54.5 million to construct 256 4% LIHTC units at Puget Park, a fully affordable multifamily housing development in Everett, WA, 30 miles north of Seattle. The property will serve residents who earn 60% or less of the area median income.
“Key is proud to help finance the construction of more than 250 affordable housing units in Everett, WA,” said Rob Likes, national manager of Key’s CDLI team. “We are on a mission to help communities thrive, and we understand how crucial it is that hard working families outside of Seattle get access to affordable living options.”
Victoria Quinn of Key’s CDLI group arranged the financing. She added, “We are dedicated to using our flexible community development lending and investing platform to find the right solution for the projects that we believe will have a meaningful and positive impact on the surrounding community. Puget Park is a great example of our solutions in action.”
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 $136.5 billion at December 31, 2016. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, 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.
