KeyBank Community Development Lending & Investment (CDLI) has provided a $5.4 million construction loan and $6.7 million in low-income housing tax credit equity for the construction of an affordable housing community in Buffalo, N.Y.
The financing will help Belmont Housing Resources for WNY develop Elim Townhomes, which will feature 30 townhome units available to household earning 50% of the area median income. Six homes will be set aside for individuals and families with physical, hearing, or vision impairments.
Belmont is collaborating with Elim Christian Fellowship on the project. Western New York Independent Living will offer supportive services to residents, in partnership with Belmont.
“KeyBank identifies opportunities to finance the construction of safe, decent affordable housing that serves communities in New York state and across the country,” said Rob Likes, national manager of the CDLI team. “We are proud to partner with Belmont on their effort to make new affordable housing options available in Buffalo.”
Joseph Eicheldinger, senior relationship manager on the CDLI team, organized the financing for Elim Townhomes. He collaborated with Ryan Olman, vice president at KeyBank Community Development Corp. (KCDC), who arranged the equity investment.
“At Belmont, we advocate for quality affordable housing throughout western New York,” said Michael M. Riegel, CEO of Belmont. “We partnered with KeyBank on Elim Townhomes because they share our belief that lives can change for the better when families and individuals have safe, healthy places to live.”
Riegel is a member of KeyBank’s National Community Benefits Advisory Board and the KCDC New York State Advisory Board.
Other investments in Elim Townhomes include $3.1 million in permanent financing from the New York State Housing Trust Fund and a $900,000 permanent, long-term HOME loan from the city of Buffalo.
