KeyBank Works to End Chronic Homelessness

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 KeyBank Works to End Chronic Homelessness

Last year, KeyBank closed a transaction to provide Low Income Housing Tax Credit financing for the construction of Nativity House, in Tacoma, Washington.  The permanent supportive housing development, designed for chronically homeless men and women, is being built in conjunction with an adjacent shelter and hospitality kitchen.  Residents will receive integrated services and those residing in the shelter will have the opportunity to transition to permanent housing. Once complete, Nativity House will include 50 units of permanent supportive housing for the chronically homeless.

Last year, KeyBank closed a transaction to provide Low Income Housing Tax Credit financing for the construction of Nativity House, in Tacoma, Washington. The permanent supportive housing development, designed for chronically homeless men and women, is being built in conjunction with an adjacent shelter and hospitality kitchen. Residents will receive integrated services and those residing in the shelter will have the opportunity to transition to permanent housing. Once complete, Nativity House will include 50 units of permanent supportive housing for the chronically homeless.

How did you sleep last night? According to a recent HUD report, more than 500,000 individuals had nowhere to go on any given night in 2014. The good news is that homelessness has declined 11 percent since 2007, and in Cleveland, Ohio, where chronic homeless has been a protracted issue, community partners have taken a strong stance to remedy it.

“As long as we persevere, we will eradicate chronic homelessness in Cleveland,” said Kevin Nowak, VP in KeyBank’s Community Development segment. “We’re proud to be financing housing that provides people safe, clean, and supportive environments to call home.”

Located in the heart of Cleveland’s Lorain Station Historic District, The Winton on Lorain is the adaptation of a former commercial structure as permanent supportive housing for chronically homeless individuals. Conveniently located within walking distance to public transportation, a nearby Veterans Administration facility, and other social services, the structure includes 40 efficiency apartments with full baths and kitchens, on-site social services, common laundry facilities, a community room with kitchen, a computer lab, and parking for residents. KeyBank provided an investment of approximately $6 million in financing to help make The Winton on Lorain a reality.

Located in the heart of Cleveland’s Lorain Station Historic District, The Winton on Lorain is the adaptation of a former commercial structure as permanent supportive housing for chronically homeless individuals. Conveniently located within walking distance to public transportation, a nearby Veterans Administration facility, and other social services, the structure includes 40 efficiency apartments with full baths and kitchens, on-site social services, common laundry facilities, a community room with kitchen, a computer lab, and parking for residents. KeyBank provided an investment of approximately $6 million in financing to help make The Winton on Lorain a reality.

It’s not just a pipe dream. In 2006, more than 40 organizations, including KeyBank, came together to create the Housing First Initiative in Ohio’s Cuyahoga County. The Initiative, led by Enterprise Community Partners, responds to the crisis of men, women and children living on the streets or cycling in and out of shelters for months, even years, without hope for an affordable, safe place to call home.

Together, Housing First partners have agreed to produce 1,271 permanent supportive housing apartments, and, since 2006, they have decreased chronic homelessness in Cuyahoga County by nearly 73 percent. Key’s commitment to helping the homeless extends far outside of its headquarter city, across its entire branch network, from the Pacific Northwest to New England, and totals more than $100 million in investments.

“Key desires to see all of its communities thrive. Without considering every segment of the population, that cannot happen,” said Nowak.

Congratulations KeyBank!