KeyBank Community Development Lending & Investment (CDLI) has provided $8.3 million to assist The Model Group and Over-the-Rhine Community Housing (OTRCH) in the acquisition and renovation of 48 affordable homes in Cincinnati.
The transaction involves the Morgan Apartments, a scattered-site development in six vacant, historic buildings. The housing is reserved for families earning between 30% and 60% of the area median income. All units will be covered by a federal housing assistance payment contract.
The Morgan Apartments will offer early childhood education, before- and after-school care, credit counseling, financial literacy programs, education assistance, job training, and placement assistance through OTRCH.
KeyBank arranged a $7.8 million construction loan and a $450,000 permanent loan, using the Federal Home Loan Bank of Cincinnati’s Community Investment Program.
“KeyBank is dedicated to working with community organizations that provide affordable housing options to hardworking families,” said Rob Likes, national manager of KeyBank’s CDLI team. “Our partnership with The Model Group and OTRCH shows we are diligent about bringing community partnerships and affordable housing to Cincinnati.”
The Ohio Capital Corporation for Housing provided the low-income housing tax credit, federal historic tax credit, and state historic tax credit equity for the project.
“Over-the-Rhine Community Housing is committed to developing projects that build an inclusive community and benefit low-income residents. We believe offering supportive affordable housing options has the power to transform communities,” said Ashleigh Finke, director of real estate development for OTRCH. “Our collaboration with KeyBank on the Morgan Apartments Project is critical to our mission and furthering the positive impact of our work in the neighborhood.”
Kelly Frank of KeyBank’s CDLI team arranged the financing.