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 financing was structured by Caleb Stephens of KeyBank CDLI and includes a $14.6 million construction loan with LIHTC equity from the National Equity Fund (NEF). NEF is a tax credit syndicator and KeyBank CDLI is an investor in their Emerging Minority Developer Fund.
New Life Homes was developed by Shiloh Baptist Church with Beacon Development Group serving as consultant. The project received funding from various sources including the Washington Community Reinvestment Association ($2.9 million), Washington State Housing Trust Fund ($6 million), City of Tacoma ($4.4 million), Pierce County ($5million) and GP Capital Contribution ($1.1million).
This investment by KeyBank will support the development of much-needed supportive housing for low-income individuals and families in Tacoma’s Hilltop community.
