KeyBank announced it will invest $16.2 million to help develop 50 units of permanent supportive housing for veterans and homeless individuals in Olympia, Wash.
The bank is providing a $6.9 million construction loan and a $9.3 million low-income housing tax credit equity investment to Devoe II Housing, which will serve individuals making no more than 30% and 50% of the area median income.
The development by Catholic Community Services of Western Washington (CCS) is the second phase in the larger Drexel House project, which was developed in 2007 to help eliminate homelessness and begin addressing the lack of affordable housing resources. It provides housing to single men and women—the highest underserved homeless population in the community. Thurston County has one of the largest military presences in Western Washington, due to its proximity to Joint Base Lewis–McChord. In the nine-year history of the program and of the hundreds of people served, nearly 50% have a military background.
Devoe II Housing residents will have access to select supportive services administered by the organization as an extension of its Drexel House program.
Veteran-specific services will be included and provided by the Department of Veterans Affairs, the state Department of Veterans Affairs, and Supportive Services to Veteran Families (a CCS program). In addition, the Metropolitan Development Council will provide assessments, military benefits, medical and mental health care, and employment opportunities.
Aubre Dickson and Jennifer Seamons of Key’s Community Development Lending and Investing (CDLI) team arranged the financing. CLDI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects