KeyBank Invests $150,000 in Homeport To Connect Central Ohioans to Homebuyer Education, Resources
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Investments in community development financial initiatives, such as the one made by KeyBank to Homeport, can have significant macroeconomic implications. By allocating $150,000 to support Housing Advisory Services, KeyBank is contributing to the economic empowerment of low-to-moderate income individuals. This move can potentially reduce the wealth gap and stimulate local economies through increased homeownership rates. Homeownership is often associated with enhanced community stability and can lead to increased consumer spending, as homeowners invest in their properties and related goods and services.
Furthermore, the focus on sustainable homeownership and foreclosure prevention is vital for economic resilience. By ensuring that individuals are better prepared for the financial responsibilities of owning a home, the likelihood of foreclosures decreases, which can have a stabilizing effect on housing markets and the broader economy. This strategic investment not only supports individual wealth-building but also contributes to the economic health of the Central Ohio region.
The investment in Homeport's Housing Advisory Services by KeyBank reflects a growing trend in corporate social responsibility, where businesses are increasingly engaging in partnerships that address societal challenges. This kind of initiative can enhance KeyBank's brand image and customer loyalty, particularly among socially conscious consumers. As the program aims to expand access to homeownership for low-income Black and minority homebuyers, it also aligns with the broader market demand for more inclusive financial services.
From a market perspective, the development of affordable housing can open up new market segments for various industries, including construction, home improvement and financial services tailored to first-time homebuyers. As Homeport builds and renovates homes, there may be increased opportunities for local businesses to engage in these projects, potentially leading to job creation and economic growth within the community.
The social implications of KeyBank's investment are profound. Access to affordable housing is a critical determinant of social well-being and by supporting Homeport's mission, KeyBank is directly contributing to the improvement of quality of life for many individuals and families. The emphasis on education and counseling in Homeport's program addresses a fundamental barrier to homeownership—financial literacy.
Moreover, by targeting assistance towards Black and minority homebuyers, the investment is poised to help bridge the racial homeownership gap, which is a persistent issue in the United States. The long-term social impact of such investments can be significant, leading to more equitable communities and the potential for generational wealth creation among historically underserved populations.
Grant dollars will be used to support Homeport's mission of closing the housing gap for low-to-moderate income individuals, families and seniors
NORTHAMPTON, MA / ACCESSWIRE / March 1, 2024 / KeyBank and the KeyBank Foundation announced an investment of
HAS is an evidenced-based, HUD-certified education and counseling program for low- and moderate-income individuals and families in managing finances, building wealth and purchasing a first home. It is available to residents and the public. Homeport's strategy is to assist more families living paycheck-to-paycheck as they are most vulnerable to the impacts of job loss, health, transportation and other factors. The program is expanding down payment assistance and lease option homeownership to support low-income Black and minority homebuyers on the journey to homeownership.
"KeyBank's purpose is to help the communities we serve thrive, and accessibility to homeownership resources is a crucial element," said Lara DeLeone, KeyBank Central Ohio Market President. "We are excited to partner with and support Homeport, helping to connect Central Ohioans to industry experts and resources in the homeownership arena. This partnership will not only strengthen our community, but it will provide equitable access to jobs, education, healthcare and more."
"KeyBank's generous investment directly underwrites our strategic priority to expand household equity for Black people, people of color, and low- to moderate-income buyers," said Homeport President and CEO Leah Evans. "A key element of that is ensuring that homeownership is not just accessible, but sustainable. Homebuyer education is the number one foreclosure prevention tool and prepares our clients for the ups and downs of homeownership, ensuring that we create opportunities that last and empower people to build generational wealth."
Since Homeport's inception in 1987, it has given greater security, opportunity and dignity to thousands of low-income people by building quality, affordable homes, primarily financed with private investment leveraged by Federal tax credits. The non-profit also develops new and renovated single- and multi-family homes designed to catalyze neighborhood revitalization, including market-rate homes, single-family, and lease-to-purchase homes.
Each year, Homeport equips thousands of Central Ohioans with the foundational skills needed for successful home ownership. Through group classes and one-on-one coaching, Homeport provides direction and training in key areas such as the home buying process, setting a budget, and avoiding foreclosure, with the goal of providing the tools everyone needs to be long-term stewards of a home.
KeyBank has supported the Homeport since 2000.
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 is Member FDIC.
ABOUT HOMEPORT
Homeport is the largest nonprofit developer of affordable housing in Central Ohio. Having served the area since 1987, Homeport owns 2,931 affordable rental apartments and homes in 46 communities. Our 6,529 residents, families and seniors, can access a broad range of services ranging from after school programming to emergency assistance for rent and utilities. Homeport partnerships also link our residents to food, furniture and employment assistance as well as medical and mental health services. Homeport is a leading provider of homebuyer education and budget and credit counseling for Central Ohio.
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Contact Info:
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SOURCE: KeyBank
View the original press release on accesswire.com
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