KEYBANK PROVIDES $10 MILLION LINE OF CREDIT TO CINNAIRE LENDING FOR COMMUNITY DEVELOPMENT

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09/12/2023 - 04:03 PM EDT

CLEVELAND, Sept. 12, 2023 /PRNewswire/ -- Cinnaire Lending Corporation, a certified Community Development Financial Institution (CDFI) has been awarded a $10 million loan from KeyBank's CDFI Lending & Investment Group. The loan will support Cinnaire's lending pool, which works with mission-driven investors to create out-of-the-box lending products to finance affordable housing, education, healthcare, community facilities and economic development projects. Cinnaire will leverage KeyBank's capital to invest in underestimated communities that have been systematically denied access to capital, primarily in KeyBank's footprint states including Pennsylvania, Indiana, Ohio, and Michigan.

As a certified CDFI, Cinnaire Lending is a trusted partner with nonprofit organizations, government agencies, and mission-driven for-profit businesses to connect communities, regardless of income or zip code, with financing that supports economic growth and opportunity.

"Racial and economic equity are core to Cinnaire's mission," said Brian Maddox, National Team Leader for KeyBank Community Development Financial Institutions group. "KeyBank and Cinnaire share a common commitment to increasing access to capital and bringing greater equity for marginalized communities."

"Through our loan fund, we're committed to leveling the playing field for disinvested communities," said Sarah Greenberg, President, Cinnaire Lending. "These funds serve as a catalyst, providing lower-cost, flexible financing to create a bridge, empowering borrowers to embark on projects that build on the assets already present in their communities."

About Cinnaire
Cinnaire is a non-profit financial partner that supports affordable housing developments along with community and economic revitalization initiatives through creative investments, loans, and real estate development services. Since 1993, Cinnaire has invested $5.7 billion to support the development of 811 housing communities in 10 states, providing 55,000 affordable apartment homes for more than 100,000 individuals and families and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spur $10.1 billion in economic impact. https://cinnaire.com

About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act's passage in 1977.

About KeyCorp
KeyCorp's (NYSE: KEY) 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 $195 billion at June 30, 2023. 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 1,300 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.