CLEVELAND, Sept. 12, 2023 /PRNewswire/ -- Cinnaire Lending
Corporation, a certified Community Development Financial
Institution (CDFI) has been awarded a $10
million loan from KeyBank's CDFI Lending & Investment
Group. The loan will support Cinnaire's lending pool, which works
with mission-driven investors to create out-of-the-box lending
products to finance affordable housing, education, healthcare,
community facilities and economic development projects. Cinnaire
will leverage KeyBank's capital to invest in underestimated
communities that have been systematically denied access to capital,
primarily in KeyBank's footprint states including Pennsylvania, Indiana, Ohio, and Michigan.
As a certified CDFI, Cinnaire Lending is a trusted partner with
nonprofit organizations, government agencies, and mission-driven
for-profit businesses to connect communities, regardless of income
or zip code, with financing that supports economic growth and
opportunity.
"Racial and economic equity are core to Cinnaire's mission,"
said Brian Maddox, National Team
Leader for KeyBank Community Development Financial Institutions
group. "KeyBank and Cinnaire share a common commitment to
increasing access to capital and bringing greater equity for
marginalized communities."
"Through our loan fund, we're committed to leveling the playing
field for disinvested communities," said Sarah Greenberg, President, Cinnaire Lending.
"These funds serve as a catalyst, providing lower-cost, flexible
financing to create a bridge, empowering borrowers to embark on
projects that build on the assets already present in their
communities."
About Cinnaire
Cinnaire is a non-profit financial
partner that supports affordable housing developments along
with community and economic revitalization initiatives through
creative investments, loans, and real estate development
services. Since 1993, Cinnaire has invested $5.7 billion to support the development
of 811 housing communities in 10 states, providing 55,000
affordable apartment homes for more than 100,000 individuals and
families and has provided community development loans to support
the creation/retention of more than 187,000 square feet of
commercial, mixed-use, and community space. In its mission to
change lives and transform neighborhoods into thriving
communities, Cinnaire has helped to create or retain over
76,000 jobs and spur $10.1 billion in
economic impact. https://cinnaire.com
About KeyBank Community Development Lending and
Investment
KeyBank Community Development Lending and
Investment (CDLI) finances projects that stabilize and revitalize
communities across all 50 states. As one of the top affordable
housing capital providers in the country, KeyBank's platform brings
together construction, acquisition, bridge-to-re-syndication, and
preservation loans, as well as lines of credit, Agency and HUD
permanent mortgage executions, and equity investments for
low-income housing projects, especially Low-Income Housing Tax
Credit (LIHTC) financing. KeyBank has earned 10 consecutive
"Outstanding" ratings on the Community Reinvestment Act exam, from
the Office of the Comptroller of the Currency, making it the
first U.S. national bank among the 25 largest to do so since the
Act's passage in 1977.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back
nearly 200 years to Albany, New
York. Headquartered in Cleveland,
Ohio, Key is one of the nation's largest bank-based
financial services companies, with assets of approximately
$195 billion at June 30, 2023. Key provides deposit, lending,
cash management, and investment services to individuals and
businesses in 15 states under the name KeyBank National
Association through a network of approximately 1,000 branches and
approximately 1,300 ATMs. Key also provides a broad range of
sophisticated corporate and investment banking products, such as
merger and acquisition advice, public and private debt and equity,
syndications, and derivatives to middle market companies in
selected industries throughout the United
States under the KeyBanc Capital Markets trade name. For
more information, visit https://www.key.com/. KeyBank is Member
FDIC.
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SOURCE KeyCorp