KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project located on Hilltop in Tacoma, Washington.
The loan was structured by Caleb Stephens from KeyBank CDLI and includes LIHTC equity from the National Equity Fund (NEF), a tax credit syndicator. Additionally, KeyBank CDLI is an investor in NEF’s Emerging Minority Developer Fund.
New Life Homes is sponsored and developed by Shiloh Baptist Church with Beacon Development Group serving as consultant. Public funding sources such as tax credits were leveraged along with traditional financing to make this project possible. The Washington Community Reinvestment Association provided a loan of $2.9 million while other sources include $6 million from the Washington State Housing Trust Fund, $4.4 million from the City of Tacoma, $5 million from Pierce County and a GP Capital Contribution of $1.1 million.
This investment by KeyBank will support affordable housing development efforts in Tacoma while also providing much-needed support for low-income individuals and families through New Life Homes.
