KeyBank and the Center for New York City Neighborhoods Partner on Black Homeownership Project

Rhea-AI Summary

KeyBank and The Center for New York City Neighborhoods (CNYCN) are strengthening their partnership to boost Black homeownership in New York City. KeyBank Foundation has granted $20,000 to support CNYCN's Black Homeownership Project (BHP), which aims to preserve and increase Black homeownership through high-quality services, policy advocacy, and community organizing.

This grant follows a previous two-year, $150,000 foundation grant made in 2022 to launch CNYCN's Savings Accelerator and Pathways to Tenant Purchases programs. The new funding will support staff working across five pilot BHP initiatives, offering outreach, educational workshops, and one-on-one services to homeowners.

Since its founding in 2008, CNYCN has helped over 250,000 low- and moderate-income families maintain their homes and achieve financial stability, preserving more than $10 billion in neighborhood property value across New York.

NEW YORK, NY / ACCESSWIRE / August 27, 2024 / KeyBank and The Center for New York City Neighborhoods (CNYCN) continue to work together to increase Black homeownership throughout New York City with a new $20,000 grant from KeyBank Foundation to support the organization's Black Homeownership Project (BHP), which aims to preserve and increase the number of Black homeowners in the city by providing high quality services, advocating for policies that support Black homeowners, and organizing around issues related to Black homeownership.

The latest grant follows a two-year, $150,000 foundation grant made in 2022 to launch CNYCN's Savings Accelerator and Pathways to Tenant Purchases programs. This new funding will support program staff who work across CNYCN's five pilot BHP initiatives including the Savings Accelerator and Pathways to Tenant Purchases programs, which offer outreach, educational workshops, and direct, one-on-one services to homeowners.

"Homeownership is a crucial asset for building generational wealth and equity and for stabilizing neighborhoods and communities, but a history of racist housing practices has made acquiring and maintaining a home more challenging for many Black families in the city," said Kevin Wolfe, Deputy Director of Advocacy & Public Affairs at The Center for New York City Neighborhoods. "We're grateful for KeyBank's partnership and support in helping the Black Homeownership Project advance its mission of growing affordable homeownership opportunities and preventing displacement for New York's Black communities who have systematically been excluded from the system."

Founded in 2008 as a response to the loss of Black homeowners in Queens following the 2008 foreclosure crisis, CNYCN meets the complex and diverse needs of tens of thousands of middle- and working-class families by administering, coordinating, and funding a network of more than two dozen community-based nonprofits across New York City who deliver legal and housing counseling services to low- to moderate-income (LMI) homeowners. The Center and its partners have helped more than 250,000 low- and moderate-income (LMI) families keep their homes and gain financial stability, preserving over $10 billion in neighborhood property value across New York.

"As a community-minded bank, KeyBank is committed to providing access to capital and support to neighborhoods and neighbors who have often faced financial barriers," said KeyBank's Hudson Valley and Metro New York Market President, John Manginelli. "We are pleased to support the efforts of the Center for NYC Neighborhoods in implementing innovative programs that are driving affordable homeownership for all."

About The Center of New York City Neighborhoods

The Center for NYC Neighborhoods promotes and protects affordable homeownership in New York City so working- and middle-class families can build strong, thriving communities. We carry out our mission to promote and protect affordable homeownership through the lenses of racial equity and climate change. Established by public and private partners, the Center meets the diverse needs of homeowners throughout New York state by offering free, high-quality housing services. Since our founding in 2008, our network has assisted over 250,000 homeowners, and provided more than $60 million in funding to community-based partners. Visit cnycn.org to learn more.

About KeyCorp/KeyBank

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 $187 billion at June 30, 2024. 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.

KeyBank Media Contact: Karen Crane | karen_crane@keybank.com | 203-789-2752

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SOURCE: KeyBank

View the original press release on accesswire.com

FAQ

What is the amount of KeyBank's latest grant to the Center for New York City Neighborhoods?

KeyBank Foundation has granted $20,000 to support the Center for New York City Neighborhoods' Black Homeownership Project (BHP).

How much did KeyBank grant to CNYCN in 2022?

In 2022, KeyBank made a two-year, $150,000 foundation grant to launch CNYCN's Savings Accelerator and Pathways to Tenant Purchases programs.

What is the main goal of the Black Homeownership Project (BHP)?

The Black Homeownership Project aims to preserve and increase the number of Black homeowners in New York City by providing high-quality services, advocating for supportive policies, and organizing around issues related to Black homeownership.

How many families has the Center for New York City Neighborhoods helped since its founding?

Since its founding in 2008, CNYCN has helped more than 250,000 low- and moderate-income families keep their homes and gain financial stability.

What is the total value of neighborhood property preserved by CNYCN's efforts?

CNYCN and its partners have preserved over $10 billion in neighborhood property value across New York.