NORTHAMPTON, MA / ACCESSWIRE / October 22, 2024 / KeyBank
Grant funds will help cover a development cost gap of up to $40,000 to build approximately 15 homes
KeyBank and the KeyBank Foundation announced an investment of $400,000 in the Local Initiatives Support Corporation (LISC) Toledo to boost its Core City Program.
Using grant funds for the next four years, LISC Toledo and the Core City Program will help cover a development cost gap of up to $40,000 to support development of approximately 15 homes.
The Core City Program focuses on the rehabilitation of previously vacant single-family homes in Toledo's downtown neighborhoods to:
Address blight
Increase homeownership, especially among families of color
Increase property values and narrow the appraisal gap
The program allows more Toledo families to enjoy safe, stable housing and reap the wealth-building benefits of homeownership.
"At KeyBank, we are committed to investing in initiatives that create lasting, positive change in our communities," said Dan Dower, KeyBank Norwest Ohio Market President.
"Our investment in LISC Toledo's Core City Program is about more than just housing - it's about empowering families, increasing homeownership opportunities, and helping build stronger, more resilient neighborhoods. By addressing the development cost gap, we're working to ensure that Toledo's downtown communities continue to grow, thrive and offer opportunities for wealth-building, particularly for families of color. We're proud to support LISC Toledo in this transformative work, and together, we will continue to create more equitable, inclusive communities for all."
In 2023, the Core City Program beneficiaries were 73% Black Indigenous People of Color (BIPOC) and 58% female heads of households, with an average income of $40,000. Notably, the target neighborhoods at the beginning of the program had average home sale prices of $25,000; over time, the average sale prices have risen to $70,000. While still affordable, the increase in price is critical to improving neighborhood conditions.
"LISC Toledo is excited for the opportunity to continue enhancing and building our core city program while strengthening our ongoing partnerships," said Tom Kroma, LISC Toledo executive director. "We are thankful for KeyBank's participation and support since Core City's inception and look forward to continued collaboration as we provide high-quality, stable housing for Toledo residents. We aim for this investment to serve as a catalyst for additional investment and significant impact for Toledo's affordable housing and neighborhood development." Together with partners, LISC Toledo has invested more than $1.4 million in the Core City Program. The program has renovated and sold 29 homes to owner-occupants, most of whom are people of color with low-to-moderate incomes, with 13 more homes in the pipeline and more being added throughout the year.
KeyBank and LISC Toledo have a longstanding partnership. Over the last 20 years, KeyBank and the KeyBank Foundation have granted LISC Toledo more than $2 million to help create resilient and inclusive communities across the greater Toledo area.
ABOUT KEYCORP
KeyCorp's roots trace back nearly 200 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 $187 billion at June 30, 2024.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 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 Member FDIC.
ABOUT LISC TOLEDO
LISC is one of the country's largest community development organizations, helping forge vibrant, resilient communities across America. LISC works with residents and partners to close systemic gaps in health, wealth, and opportunity and advance racial equity so that people and places can thrive. Since its founding in 1979, LISC has invested $32 billion to create more than 506,000 affordable homes and apartments, develop 82.5 million square feet of retail, community, and educational space, and help tens of thousands of people find employment and improve their finances. In Toledo, LISC has focused on a comprehensive approach to community development, investing nearly $275 million since 1989 and leveraging nearly $400 million to fuel economic opportunity and build stronger, healthier neighborhoods. For more information, visit www.lisc.org.
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SOURCE: KeyBank
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