Daily CSR
Daily CSR

Daily CSR
Daily news about corporate social responsibility, ethics and sustainability

Preserving The “Affordable Housing” Units For The Homeless Veterans


The “Martin Luther King Revitalization Apartments” project received “$18.2 million” from KeyBank.

Dailycsr.com – 11 May 2017 – A total amount of “$18.2 million” fund came from KeyBank to support the “Martin Luther King Revitalization Apartments”. The building was built in the year of 1971 and is located in Troy, New York, whereby the “Troy Housing Authority” formed a partnership with the “Beacon Communities Development” for renovation and preservation of hundred and four “affordable housing” units under the “Rental Assistance Demonstration Program” of HUD.
The “Key’s Community Development Lending and Investment” Team’s National Manager, Rob Likes, stated:
“Key is deeply committed to making safe affordable housing available in the communities where we live and work. We are very proud of our collaboration with local organizations like the Troy Housing Authority and Beacon Communities Development, and feel confident our combined efforts will help address the affordable housing crisis – one project at a time.”
Moreover, “$6.2 million” worth of Construction Loan was given out by CDLI of Key, while the group will also “invest up to $12 million in Low Income Housing Tax Credits (LIHTC) direct equity to finance” for its first phase which will cover “preservation” of forty six residential units for the “residents earning between 30-80% of the area median income”.
The finance was arranged with the help of “Joe Eicheldinger and Victoria O’Brien” from CDLI Team of Keys, while the said venture was “made possible” through “an allocation of LIHTC from New York State Homes and Community Renewal”. In addition, the “Department of Housing and Urban Development” of the U.S. also showed their support and approval for this project. In the words of O’Brien:
“At Key, our integrated CDLI platform helps us make a meaningful and positive impact on communities. We pride ourselves on our capacity to preserve existing affordable housing options, as we’ve done with the Martin Luther King Revitalization effort.”
Once the “Martin Luther King Revitalization Apartment” are completed, seven of its units will provide shelter to “homeless veterans”, while “home visitation, life-skills training, medical transportation and individual counselling” will be provided to the residents by “Unity House and Joseph House”, non-profit partners of Troy Housing Authority. The executive secretary of Troy Housing Authority, Daniel P. Crawley, stated:
“We greatly appreciate KeyBank’s financial support, as we work to renovate and preserve affordable housing in Troy. We are encouraged by the bank’s partnership, and eagerly await the positive impact this project will have on the surrounding community.”
While, the “President of Beacon Communities Development LLC-New York”, Duncan Barrett, added:
“Beacon Communities is proud to partner with KeyBank, NYS Homes and Community Renewal and the Troy Housing Authority on the redevelopment and preservation of this critical affordable housing resource in Troy. The families living in these homes and future generations of Troy families will benefit from this high quality, energy efficient housing.  The redevelopment process reinforces the dynamic economic development occurring in Troy and adds to the long term vitality of the whole community.”
The several years’ planning jointly undertaken by the “Troy Housing Authority and Beacon Communities”, eventually found shape through this project. Nevertheless, getting the community and the residents alike to take part in the planning sessions “was crucial”. In concluding words, Crawly said:
“The collaboration of all involved entities – residents, community partners, developers, bankers and local, state and national government officials – has enhanced this project significantly”.