SOURCE: KeyBank
DESCRIPTION:
CLEVELAND, November 12, 2021 /3BL Media/ – KeyBank Community Development Lending and Investment (CDLI) has provided $40.6 million dollars for the development of Finca Serena in Porterville, Calif. The blended occupancy property will offer permanent supportive housing to unhoused individuals and families in Tulare County.
KeyBank provided a $23.1 million construction loan and a $2.5 million permanent loan, as well as $15 million in low-income housing tax credit equity to UPholdings, LLC, and Self-Help Enterprises to build the property. UPholdings, based in Lincolnwood, Ill., is an affordable housing development and management company; Self-Help is a nationally-recognized community development organization based in Visalia, Calif.
The development received support from the California Department of Housing and Community Development, which awarded the project $17 million in funding under the California No Place Like Home (NPLH) Program and the HOME Program. The property will include a total of 80 units, 39 of which will be restricted at 60% of area median income (AMI). A further 39 units will be restricted at 15% and 30% of AMI and benefit from 20-year rental subsidies from the Kings/Tulare Homeless Alliance under the U.S. Department of Housing and Urban Development Continuum of Care Program and the Tulare County Health and Human Services Agency under the NPLH Program, as well as a Capitalized Operating Subsidy Reserve. The County of Tulare will provide mental health and other supportive services to residents for 20 years.
Finca Serena will include two three-story buildings with an on-site leasing office, multi-purpose community room with a kitchen, supportive services office, computer lab, one elevator, ADA accessible restrooms, central air conditioning, five laundry rooms, picnic areas with barbecue pits, and a playground. Its off-street parking comprises 110 stalls, including 64 carports and 46 open spaces with 10 accessible stalls. The development also includes solar panels to minimize electricity costs.
“KeyBank has a long history of helping the clients and communities we serve to thrive,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are proud to partner with UP and Self Help to build safe and decent affordable housing for underserved individuals and families in Tulare County.”
Matthew Haas and John Paul Vachon of CDLI structured the financing.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
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 $187.0 billion at September 30, 2021. 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 more than 1,000 branches and approximately 1,300 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 is Member FDIC.
KEYWORDS: keybank, NYSE: KEY, Finca Serena, Community Development Lending and Investment
