KeyBank Community Development Lending and Investment (CDLI) provided $50.2 million in financing for the construction of two new affordable housing properties in Los Angeles. This substantial investment underscores KeyBank's commitment to expanding affordable housing options in California.
The financing package includes $23.3 million in construction loans and $10.7 million in low-income housing tax credit (LIHTC) financing. Additionally, KeyBank's Community Development Tax Credit Fund invested $16.2 million in LIHTC equity, demonstrating a comprehensive approach to funding.
These projects are expected to provide much-needed affordable living spaces, contributing to community stability and economic opportunity in Los Angeles. KeyBank's continued involvement in such initiatives reinforces its role as a leader in community development finance.
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