KeyBank announced it is investing $9.5 million in the development of an affordable housing community that will serve Portland, Ore.’s most vulnerable residents.
Home Forward is partnering with Catholic Charities and St. Francis of Assisi Parish on the 106-unit St. Francis Park Apartments. The development will be home to individuals and small households earning no more than 60% of the area median income. In addition, the developers will maintain a preference for 25 households that have been homeless or are domestic violence victims.
Located in a rapidly gentrifying area of inner Southeast Portland, St. Francis Park will allow residents to be close to local resources such as public transit, public schools, a community college and local university, a health clinic, and employment services. Residents will also be able to utilize supportive services administered on-site by Catholic Charities.
St. Francis Park Apartments will feature a garden and provide food for participating residents through the church kitchen. It is aiming for a gold certification from the Earth Advantage Program.
“At KeyBank, our Community Development Lending and Investment (CDLI) team is always seeking opportunities to help meaningfully impact the neighborhoods where we live and work,” said Robert Likes, national manager of CDLI. “With the St. Francis Park Apartments, we hope to provide at-risk individuals and families with a safe haven they can call their own.”
The bank is investing in the project through the purchase of low-income housing tax credits.
MWA Architects and Walsh Construction are the design and construction partners.