KeyBank’s ‘$19.6 million’ Financial Initiative Towards Affordable Houses

Dailycsr.com – 21 July 2018 – The “KeyBank Community Development Lending and Investment” has totally given “$19.6 million” funds for developing and acquiring “Mosaic Village in Cohoes, NY”. Around “$10.7 million” came from KeyBank as construction loan while another “$8.9 million” were given for “Low-Income Housing Tax Credit equity”.
 
The plan is to make sixty eight “one-, two- and three-bedroom units” for families and individuals who come within the “30% and 80% area median income”. Out of the total number, 14 will be designated for “individuals with intellectual developmental disabilities along the autism spectrum”. In fact, the patients “diagnosed with cerebral palsy, neurological impairments and other developmental disabilities” could also occupy the units. Additionally, people with “mobility impairments” eligible for “Empire State Supportive Housing Initiative”, in short ESSHI, “homeless criteria” will also be accommodated in the units.
 
Furthermore, the KeyBank reports that:
“The financing was arranged by Greg Kiger, Joe Eicheldinger, Jennifer Seamons and Victoria O’Brien of Key’s CDLI group. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation”.
 
References:
3blmedia.com