KeyBank Pledges $85 Million for Affordable Housing Projects

LOS ANGELES, CA – KeyBank has committed $85 million to support affordable housing initiatives, including $50 million in loans for two multifamily housing projects in Los Angeles announced on April 28, 2025.

The bank’s investment includes $23.3 million in construction loans, $10.7 million in low-income housing tax credit financing, and $16.2 million in permanent financing. The first project is a four-story building with 40 units, which will consist of six one-bedroom and 33 two-bedroom apartments, alongside a two-bedroom manager unit.

The second project encompasses a similar design with a total of 50 units, including seven one-bedroom and 42 two-bedroom apartments plus one manager unit. Both properties are set to provide on-site supportive services that include financial literacy workshops, computer training, and wellness programs.

KeyBank also allocated $35 million to affordable housing efforts in Miami, Arizona, set to support Miami Inspiration Housing, the first affordable housing project in that area since 2009.

“These projects reflect our commitment to enhancing community living conditions and making housing more accessible,” said a KeyBank spokesperson in a press release. “We believe everyone deserves a decent place to live, and we are proud to support initiatives that strengthen local communities.”