$300,000 Investment from KeyBank Foundation to help Greater Rochester Habitat for Humanity Expand Homebuyer Program

Rhea-AI Summary

KeyBank Foundation has announced a $300,000 investment to support the Greater Rochester Habitat for Humanity (GRHFH) in expanding its Habitat Homebuyer Program. This initiative aims to make homeownership more accessible and sustainable by doubling GRHFH's impact, providing financial literacy training, and partnering with for-profit builders and designers. The funds are expected to benefit an additional 50 families over the next two years, impacting approximately 150 individuals. Since 2017, KeyBank has invested over $727 million in the Rochester market to support affordable housing and community development.

Positive

• KeyBank Foundation's $300,000 investment supports affordable housing in Greater Rochester.
• The initiative will double GRHFH's impact and expand financial literacy training.
• Approximately 50 additional families will benefit over the next two years.
• KeyBank has invested over $727 million in the Rochester market since 2017.

Negative

• The announcement lacks specific details on how the $300,000 will be allocated.
• Potential challenges in scaling up the Habitat Homebuyer Program are not addressed.
• The impact timeline of two years may be considered lengthy by investors.

Funds will help Habitat make homeownership more accessible and sustainable through the Habitat Homebuyer Program

NORTHAMPTON, MA / ACCESSWIRE / May 21, 2024 / A $300,000 investment from the KeyBank Foundation will help Greater Rochester Habitat for Humanity expand its Habitat Homebuyer Program. This grant announcement was made at an event where KeyBank teammates helped build a new Habitat for Humanity home located at 560 Garson Avenue.

"Homeownership helps families build wealth, strengthens communities and helps neighborhoods grow and thrive block by block here in Rochester and across Western New York," said Vince Lecce, KeyBank Rochester Market President. "We are excited to invest in and partner with Greater Rochester Habitat for Humanity as they find transformative and innovative ways to make our community stronger by making homeownership more accessible and sustainable for all."

"Greater Rochester Habitat for Humanity is thrilled to accept this generous investment and partnership with KeyBank," noted GRHFH CEO Matthew J. Flanigan. "It's thanks to our generous sponsors and partners like these that we can take exciting steps forward to continue our neighborhood revitalization efforts and create more opportunities for families to achieve homeownership."

This investment will help Greater Rochester Habitat for Humanity (GRHFH) double its impact in the communities it serves and expand financial literacy training/counseling services. Acting as primary developer, GRHFH has begun partnering with for-profit builders, designers, architects, and workforce development organizations to develop single-family homes for this program at scale alongside its current volunteer-based projects. GRHFH is also pursuing projects that would allow for higher density housing development on multi-acre parcels in Ontario and Wayne counties.

Funds from KeyBank will help GRHFH serve an additional 50 families over the next two calendar years, or a total of approximately 150 individuals. For GRHFH, a family successfully served is one that was able to either obtain affordable housing as defined by HUD or can demonstrate the ability to qualify for an affordable housing solution through a financial review.

Since 2017, KeyBank has made more than $727 million in investments in the Rochester market, supporting affordable housing and community development projects; small business and home lending to low-to-moderate income individuals and communities, and transformative philanthropy.

Read more from:

• ROCHESTER BUSINESS JOURNAL: KeyBank donation expands Greater Rochester Habitat for Humanity program
• WHEC-TV: KeyBank donates $300K to help expand Habitat for Humanity's ‘Homebuyer Program'
• WROC-TV: Habitat for Humanity, KeyBank build home to revitalize Rochester neighborhood
• WHAM-TV: Rochester Habitat for Humanity expands, thanks to $300,000 KeyBank grant

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View the original press release on accesswire.com

FAQ

What is the purpose of KeyBank's $300,000 investment in Greater Rochester Habitat for Humanity?

The investment aims to expand the Habitat Homebuyer Program, making homeownership more accessible and sustainable.

How will the $300,000 investment from KeyBank benefit the Greater Rochester community?

The funds will help GRHFH double its impact, provide financial literacy training, and support an additional 50 families over the next two years.

What has KeyBank invested in the Rochester market since 2017?

Since 2017, KeyBank has invested over $727 million in affordable housing, community development projects, and small business and home lending.

How many families will benefit from the KeyBank investment in the Habitat Homebuyer Program?

Approximately 50 additional families are expected to benefit over the next two years, impacting around 150 individuals.

What new partnerships will Greater Rochester Habitat for Humanity form with the KeyBank investment?

GRHFH will partner with for-profit builders, designers, architects, and workforce development organizations to develop single-family homes.