KeyBank Provides $13.8 MM to Affordable Housing Development in Oregon During Housing America Month
CLEVELAND, October 22, 2015 /3BL Media/ - Today, KeyBank announced it will provide $13.8 million to support the development of Bascom Village Phase I, a 53-unit affordable housing complex sponsored by the St. Vincent de Paul Society of Lane County (SVDP) in Eugene, Oregon. The loan will support underserved families working to get ahead in a volatile labor market, and highlights the importance of quality housing options during Housing America Month this October.
Bascom Village Phase I will provide housing to individuals earning 50 percent or less of the area's median income, plus a wide range of supportive services administered through SVDP and Housing and Community Services Agency of Lane County (HACSA).
"We are providing much needed family workforce housing in Lane County with these 53 units,” said Robert Likes, national manager of Key’s Community Development Lending/Investment segment. “Key is dedicated to providing safe, decent, affordable housing and helping to create vibrant and sustainable neighborhoods. It’s an especially important responsibility right now, as the nation is in the midst of an affordable housing crisis.”
The property will have a community center with amenities including classrooms, a kitchen, two kid’s rooms, a laundry room, office space for community policing, a playground and a community garden. Supportive services include: workforce readiness and job-skill building; asset-building programs; services to help families achieve financial and life goals; services to build residential community; services for youth and children; and services that link Property Management to the residential complex.
As the primary lender, KeyBank provided $8 million of equity through Low Income Housing Tax Credits and a $5.8 million construction loan. Additional SVDP financing partners include the City of Eugene, Oregon Housing and Community Services, the Network for Oregon Affordable Housing, the Federal Home Loan Bank of Seattle and the Eugene Water & Electric Board. The contractor for the project was Meili Construction Co., of Eugene, and the architect was Bergsund DeLaney Architecture and Planning, of Eugene.
Demand for affordable housing remains strong in Lane County, as evidenced by the hundreds of applications that SVDP has received for Bascom Village Phase I. The waiting list remains open and applications can be made at SVDP’s headquarters at 2890 Chad Drive in Eugene. Phase II is being developed by HACSA and is scheduled for completion next fall.
Of KeyBank’s investment, Key Community Development Corporation Vice President Beth Palmer Wirtz said, “Contributing to the supply of workforce housing in this country is a priority for Key and affordable housing, in general, has been a focus of ours for decades. We’re excited for residents to feel at home and achieve solid footing in their new Bascom Village homes.”
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 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 2014, Key’s Community Development Lending and Investment platform provided nearly $400 million in debt and equity 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 $95.4 billion, as of Oct. 15, 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.
SVDP has created more than 1,250 units of affordable housing over the last two decades. They range from Bascom Village and the Aurora Building in downtown Eugene to the Royal Building in downtown Springfield and Somerville Place.