KeyBank announced it has provided $8.4 million in low-income housing tax credit (LIHTC) financing to help build a permanent supportive housing development for chronically homeless men and women in Tacoma, Wash.
The 50-unit Nativity House will complete a site that includes the adjacent Tacoma Avenue Shelter and the Hospitality Kitchen, offering supporting services including counseling and case management services. The new development will create a new opportunity for shelter users to transition into permanent housing.
In addition to the LIHTC equity investment, KeyBank is providing a $5.8 million construction loan. The partner on the development is Catholic Community Services of Western Washington, one of the most robust and active homeless-serving groups in Tacoma.
“We are extremely proud to help bring a development as powerful as Nativity House to the Tacoma area,” said Kevin Nowak, national equity investment manager of the Key Community Development Corp. “The chronically homeless population is one that is highly distressed and extremely vulnerable. This development is a major step forward in improving their living conditions and providing stabilizing opportunities.”