KeyBank Provides $12 Million for Workforce and Affordable Housing Development in Niagara Falls, New York
February 29, 2016 /3BL Media/ -- Today, KeyBank announced it will provide a total of $12 million in capital to help develop the Niagara City Lofts in Niagara Falls, New York. The adaptive reuse project will convert an existing, abandoned public school, built in 1923 and vacant since 1986, into 61 units of workforce housing, affordable housing, market rate apartments, and a new commercial community space. The building has been submitted to the National Register of Historic Places for designation as a historic building.
"Our Community Development Lending and Investment platform is designed to fund a diverse set of affordable housing options," said Robert Likes, national manager of CDLI. "We're very proud to support community developments like the Niagara City Lofts, which will help alleviate a widespread affordable housing crisis in this country. The school building, once renovated, will offer valuable housing to those who need it most and become a source of pride."
Niagara City Lofts’ leasing plan calls for setting aside 11 units for rent by special needs households, including veterans. Forty-three of the units will be reserved for individuals who earn 50 and 60 percent of Area Median Income; eight of the units will be designated for rental assistance vouchers - keeping the units affordable to low-income residents for at least 15 years; and ten of the units will be offered at market rate.
In addition to providing a diverse set of housing options for the community, Niagara City Lofts will offer residents supportive services, administered by Independent Living of Niagara County (ILNC). ILNC advocates for and refers special need residents to services which maximize independent living.
"Our team is committed to supporting affordable housing options that meet a range of community needs," said Joe Eicheldinger, the KeyBank relationship manager who closed the deal. "With the Niagara City Lofts, we are creating workforce and affordable housing options that will help the surrounding area prosper."
Niagara City Loft is funded in partnership with the NYS Housing and Community Renewal (HCR) division, NYS Empire State Development Corp. and RBC Tax Credit Equity.
“CB-Emmanuel Realty is proud to sponsor the development of the Niagara City Lofts project,” said Ben Upshaw, principal at CB Emmanuel. “This development furthers the trend of economic and housing growth within the central District of the City. Niagara City Lofts could not have happened without a collaboration of among the citizens of Niagara Falls, city, county, and state officials, and private investment by Key Bank and RBC.”
About Key Community Development Lending/Investment
KeyBank Community Development Lending and Investment 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. In 2015, Key’s Community Development Lending and Investment platform provided nearly $1 billion in debt, equity, and permanent financing to developments in underserved communities. KCDC alone has a substantial portfolio with a current book value of more than $1 billion, 90% of which is Low Income Housing Tax Credit investment. For its ability to lend to, invest in, and serve its communities, especially low-to-moderate income communities, KeyBank, as of its last exam, was the first top U.S. bank to have earned eight “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam.
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $95.1 billion, as of December 31, 2015. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank National Association. 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.