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KeyBank Provides $18M in Financing to Build Cleveland Homes

KeyBank Community Development Lending and Investment (CDLI) invested $10.2 million of 4% Federal LIHTC Equity and provided a $7.9 million construction loan to finance the development of Henrietta Homes.

The development will consist of 40 lease-to-purchase affordable single-family homes, to be built on vacant land throughout the Hough neighborhood of Cleveland, Ohio. Derek Reed and Kory Clark of KeyBank CDLI structured the tax credit equity and debt financing for the transaction. The Famicos Foundation, one of Northeast Ohio’s largest nonprofit community development corporations, is the sponsor for Henrietta Homes.

The development will be partially subsidized, of which eight homes will be supported by a 20-year Section 8 project-based vouchers provided through the Cuyahoga Metro Housing Authority. Additional soft funding sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan, and a $1.25 million equity bridge loan through the Ohio Housing Finance Agency’s Housing Development Loan program.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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