KeyBank Community Development Lending & Investment (CDLI) has announced that it is providing $12.1 million to finance the construction of Elim Townhomes, located at 205 Holden Avenue in Buffalo. CDLI will be issuing a $5.4 million construction loan, and $6.7 million in 9% tax credit equity to Belmont Housing Resources for WNY, Inc. (in collaborating with Elim Christian Fellowship) to build 30 townhome units on a two-acre property. The units will be made available to households with earnings that are 50% of the area median income. Five of the units will be built with the support of the U.S. Housing and Urban Development (HUD) HOME Investment Partnerships Program. Another six units will be made available to those with physical, hearing or vision impairments. Western New York Independent Living, Inc. (WNYIL) will offer supportive services for residents.
“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.”
Other investments in Elim Townhomes include $3.1 million in permanent financing from the New York State (NYS) Housing Trust Fund (HTF) and a $900,000 permanent, long-term HOME loan from the City of Buffalo.
“Our flexible community development lending and investment platform allows us to build and maintain strong partnerships with organizations such as Belmont, which is dedicated to expanding affordable housing options,” added Joseph Eicheldinger, senior relationship manager on the CDLI team who organized the financing for Elim Townhomes (Eicheldinger worked on the financing with Ryan Olman, vice president at KeyBank Community Development Corporation (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, who is also a member of KeyBank’s National Community Benefits Advisory Board and the KCDC New York State Advisory Board.. “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.”