KeyBank’s Community Development Lending & Investment (CDLI) team will provide a total of $7.3 million in financing to Liberty Affordable Housing, Inc. to support the new construction of 37 energy efficient affordable housing units for seniors ages 55 or older in Gloversville, NY. Specifically, KeyBank will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing.
“KeyBank values helping clients and communities thrive by providing quality affordable housing in neighborhoods across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are inspired by the opportunity to serve seniors in Gloversville, NY, by partnering with Liberty Affordable Housing, Inc. to develop new and critical housing options for seniors.”
Estee Senior Apartments will replace a blighted former school building in a central business district. Eight of the 37 units will provide rental assistance to households earning up to 50% AMI; ten units will target households earning up to 50% AMI and 19 units will target households earning up to 60% AMI. Six units will be set aside for elderly and frail individuals or individuals with disabilities who are veterans. The complex will be managed by CRM Rental Management, Inc.
“We are committed to providing all of our neighbors with excellent affordable housing options,” said Davis G. Yohe, executive director of Liberty Affordable Housing, Inc. “We are thrilled to bring Estee Senior Apartments to Gloversville through our partnership with KeyBank, and believe it will positively and meaningfully impact the neighborhood.”
Residents with special needs will have access to supportive services through the Resource Center for Independent Living, (RCIL) and Northeastern Association of the Blind at Albany, Inc. (NABA) and the Fulton County Office for Aging/Youth.
The project is one part of the Gloversville Comprehensive Plan, a significant neighborhood revitalization effort by local government that responds to housing needs among low- to moderate-income families.
“Our team is dedicated to making transformational change in the communities where we live and work,” added Lynne Callis-Wilson, senior relationship manager on KeyBank’s CDLI team who arranged the financing along with Victoria O’Brien. “We are passionate about this work, and committed to seeing through the development of new, green and affordable units here in Gloversville.”
The financing was made possible by an allocation of LIHTCs from New York State Housing and Community Renewal.
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.
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 $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank 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. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
About Liberty Affordable Housing Inc. (LAH)
LAH is a not-for-profit organization founded in March 2002 to acquire and develop affordable housing primarily for low income seniors and families. In addition to developing affordable housing, LAH has also assumed ownership interest in four additional properties which utilize Section 8 Housing Assistance Payment programs and other federal and state housing programs for low-income persons and families. Since inception, LAH has successfully completed 19 preservation and new construction projects (15 acquisition/rehab and 4 new construction) totaling 2,749 units. Projects range from 33 to 292 units including both family and senior projects.