Keybank obliges 85 million US dollars to affordable residential projects | Philanthropy News

Keybank Community Development Lending and Investment (CDLI) has announced more than 50 million dollars of loans, financing and investments for two affordable apartment building projects in Los Angeles.

Keybank contributed $ 23.3 million for building loans with low -income tax credits for housing tax loans, and the commercial mortgage group arranged $ 16.2 for permanent financing for the projects. The first project is a single four -story building with 40 residential units, which includes six units with a bedroom and 33 units with two bedrooms and a unit with a sales manufacturer with two bedrooms. The second project is a single four -story building with 50 residential units, which includes seven units with a bedroom and 42 units with two bedrooms and a unit with a turnover of two bedrooms and sales of two bedrooms.

Real estate includes supporting services on site from Lifesteps, including financial competence, computer training, training in home buyers as well as health and wellness programs. All services are free of charge for tenants and paid by the developer.

Similarly, Keybank in Miami, Arizona, committed 35 million US dollars for affordable living space. The loans and investments will support the construction and rehabilitation of Miami Inspiration Housing – the project will be the first affordable residential project that has been built on the market since 2009.

(Photo credit: Getty Images/Alvarez)