Key Bank Community Development Lending and Investment (CDLI) has provided $117.7 million to fund two Denver-area affordable housing projects, developed by Brinshore Development and Mile High Affordable Housing. These properties in Colorado also received financing from a number of area government sources.
CDLI offered $56.9 million for the new construction of Ralston Gardens Apartments, a 102-unit family project in Arvada that will serve low-income families with total tax credit equity amounting to $16.2 million from KeyBank as well as a $26.7 construction loan and a permanent loan worth $14 million through the Fannie Mae MTEB Program .
For Northfield Flats, CDLI granted an additional financing package totaling up to$60.7million for its 129 units available for families earning 30%-80% of Area Median Income (AMI). The project was funded by KeyBank’s total tax credit equity at$17..7million along witha$28..2constructionloanandapermanentloanworth$14..8millionthroughtheFannieMaeMTEBProgram .
These investments demonstrate Key Bank’s commitment towards providing quality affordable housing solutions across Denver while supporting local businesses involved in development projects within their communities
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