Avalon Housing Receives $300,000 from KeyBank to Bolster Intensive Case Management Services for Residents, Fostering Housing Stability in Washtenaw County
Rhea-AI Summary
KeyBank and the KeyBank Foundation have announced a $300,000 investment in Avalon Housing, a nonprofit provider of affordable housing in Ann Arbor. This funding will enhance Avalon's supportive services for tenants and clients, specifically focusing on intensive case management services for individuals and families at the highest risk of housing instability.
Avalon Housing uses the supportive housing approach, which prioritizes tenants' health and well-being by providing resources to help them thrive in their homes. This approach has led to a 95% housing retention success rate. The investment will allow Avalon to provide personalized support, helping tenants navigate complex care systems and connect with necessary resources.
The partnership aims to address the increasing homelessness in Washtenaw County due to a lack of affordable housing. Avalon is currently developing nearly 175 new housing units to further combat this issue.
Positive
- KeyBank's $300,000 investment will enhance Avalon Housing's supportive services
- Avalon Housing maintains a 95% housing retention success rate
- Avalon Housing has 175 new housing units in development
Negative
- None.
News Market Reaction – KEY
On the day this news was published, KEY declined 0.24%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Avalon will be focused on providing support to individuals and families who are at the highest risk of housing instability and require intensive support to maintain their housing and improve their overall well-being
NORTHAMPTON, MA / ACCESSWIRE / October 8, 2024 / KeyBank and the KeyBank Foundation announced an investment of
Avalon Housing, a nonprofit provider of affordable housing, uses what's known as the supportive housing approach. Widely considered the best long-term solution to homelessness, supportive housing prioritizes the health and well-being of tenants by providing resources to help them stay-and thrive-in their homes.
Using grant funding, the staff at Avalon will be focused on providing support to individuals and families who are at the highest risk of housing instability and require intensive support to maintain their housing and improve their overall well-being. Avalon has found that this approach leads to a decrease in evictions, improved health outcomes and increased economic stability for residents.
"KeyBank's purpose is to help the communities we serve thrive, and accessibility to safe, affordable housing resources is a crucial element," said Dave Mannarino, KeyBank Michigan Market President. "We are excited to partner with and support Avalon Housing once again, helping to enhance support services necessary in the effort to end homelessness. This partnership will not only strengthen our community, but it will provide Avalon tenants equitable access to jobs, education, healthcare and more."
A lack of affordable housing is driving a dramatic increase in homelessness in Washtenaw County. Housing First is a proven model for addressing homelessness with an
"We're grateful for the support from KeyBank," said Avalon Housing Executive Director Aaron Cooper. "He know the problems of homelessness and a lack of housing affordability are not going away, and we will continue to work to provide solutions. In fact, we have nearly 175 new housing units in the pipeline right now. Partnership and support from the community are essential in our journey toward housing justice and creating a place for all of our neighbors to call home."
ABOUT KEYCORP
KeyCorp's 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
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 1,200 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 Member FDIC.
ABOUT AVALON HOUSING
Avalon Housing's mission since its founding in 1992 is to build healthy, safe and inclusive supportive housing communities as a long-term solution to homelessness. Avalon owns and manages 29 sites in Ann Arbor, Dexter and Chelsea, and has 150 units in the pipeline in new projects in Ann Arbor and Ypsilanti. https://avalonhousing.org/
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 amount of KeyBank's investment in Avalon Housing?
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