KeyBank Community Development Lending & Investment (CDLI) announced it is providing $31.2 million in financing for the construction of Cornerstone Apartments in Salem, Ore.

The 180-unit development by Mountain West Investment Corp. and its nonprofit arm, Community Resource Trust (CRT), will provide affordable housing for workforce families and those experiencing homelessness.

Cornerstone Apartments will set aside 144 units for workforce households earning at or below 60% of the area median income. Thirty-six units will be set aside for those in transitional shelters who are seeking permanent housing and supported by the Department of Human Services (DHS).

“We believe access to adequate affordable housing options can have a transformative impact in communities we serve,” says Beth Hays, CEO of CRT.

Mountain West Investment Corp. and its nonprofit arm, Community Resource Trust, are building the Cornerstone Apartments in Salem, Ore. The 180-unit complex will offer affordable housing for workforce families and those experiencing homelessness.
Multi-Tech Engineering Mountain West Investment Corp. and its nonprofit arm, Community Resource Trust, are building the Cornerstone Apartments in Salem, Ore. The 180-unit complex will offer affordable housing for workforce families and those experiencing homelessness.

CDLI’s financing includes a $13.9 million construction loan, an $8.9 million low-income housing tax credit equity investment, and an $8.4 million Freddie Mac TEL (tax-exempt loan) permanent agency execution.

Cornerstone Apartments will offer on-site supportive and resident services, including case management and referral/application services through DHS, a preventative health-care clinic through Northwest Human Services, adult English literacy courses, GED preparation, financial literacy, and life-skills classes. The development will also feature a food pantry and community gardens.

Easily accessible off-site amenities include mental health care and dental health care, along with educational programs like Head Start, Early Head Start, and afterschool/summer programs administered by community partners such as the Boys and Girls Club and the YMCA.