KeyBank provides $18.7 million capital for affordable housing

Cohoes, NY Key Community Development Corp. (KCDC) is investing $8.3 million of 9% low-income housing tax credit equity and KeyBank is providing $10.4 million in construction financing to support construction of a new affordable housing development by The Community Builders.

Kelly Frank and Ryan Olman of KeyBank’s community development lending and investment team structured the financing.

Erie Point will be a redevelopment of eight sites to construct eight buildings with 40-units of housing. The development will also include two playgrounds and a parking lot with 57 tenant parking spaces. Of the eight one-bedroom, six two-bedroom, and 26 three-bedroom units, 20 will be supported by an Empire State Supportive Housing Initiative award.

to provide supportive housing for survivors of domestic violence in households up to 50% of area median income (AMI). Eight units will serve households up to 30% AMI with a 20-year Project Based Section 8 contract, while the remaining 12 units will target households up to 60% AMI.

In addition to the equity investment by KCDC and construction financing from KeyBank, Community Preservation Corp. is providing a permanent loan of $2.36 million and the project is receiving $2.9 million from a State of New York HOME loan, $900,000 from the Federal Housing Trust Fund, and sponsor capital of $638,554.