Keycorp Stock Price, News & Analysis

KeyBank Foundation has awarded a $300,000 grant to the Genesis Community Loan Fund to enhance resources aimed at alleviating affordable housing barriers in Maine. This three-year funding initiative will provide no-cost professional assistance to BIPOC-led organizations and entrepreneurs, promoting project planning, financing, and development. The Genesis Fund aims to create at least 120 new affordable housing units through this support. KeyBank's investment will focus on Southern Maine, addressing a critical housing crisis by connecting community developers with essential resources. The Genesis Fund, a nonprofit Community Development Financial Institution, has a 30-year history of facilitating over $80 million in loans for affordable housing and community projects.

KeyBank is celebrating the 55th anniversary of the Fair Housing Act by enhancing access to homeownership through its Special Purpose Credit Programs. Despite previous efforts, many underserved communities still face challenges in mortgage lending. KeyBank has introduced the Key Opportunities Home Equity Loan, offering affordable refinancing options and a lower interest rate for qualifying properties. The Home Buyer Credit program has been increased from $2,500 to $5,000 to assist with closing costs. Since its inception, $465,000 has been allocated to help 132 clients. Furthermore, KeyBank plans to invest over $25 million in grants and marketing to boost mortgage lending in majority-minority neighborhoods.

KeyBank Community Development Lending and Investment has secured $83 million for the acquisition and rehabilitation of Woodway Square Apartments, a 240-unit affordable housing project in Austin, Texas. The financing comprises an equity bridge loan of approximately $18.2 million, a $40 million construction to permanent loan, and $24 million in Low-Income Housing Tax Credit equity.

The project will serve families earning no more than 60% of the area median income, with a total project cost of $72 million for rehabilitation. KeyBank's efforts are supported by local programs aimed at assisting low-income persons with disabilities through rental assistance.

KeyBank has announced a $250,000 donation from the KeyBank Foundation aimed at supporting the Farmer School at Miami University. This donation will provide scholarships for underrepresented students, enhance academic advising, wellness, and tutoring, and assist in curriculum development focused on cyber security, analytics, and financial modeling. The donation reflects KeyBank's long-standing partnership with the Farmer School, totaling over $500,000 in investments to support students in pursuing careers in banking and finance, as stated by KeyCorp's CEO, Christopher Gorman.

KeyBank Foundation has announced a $1 million investment to enhance workforce development programs at the Buffalo Center for Arts & Technology (BCAT). This funding aims to support underserved communities and is part of KeyBank's broader commitment to invest $40 billion in the areas it serves. The BCAT program has successfully graduated over 250 adults in four years, focusing on careers in health, technology, and landscape sectors. KeyBank's ongoing efforts since 2017 include over $1 billion in investments in Buffalo, targeting affordable housing and community development.

BOSTON, MA / ACCESSWIRE / March 29, 2023 / Arctaris Impact Fund has secured a new $10 million warehouse line of credit from KeyBank's Community Development Lending and Investment group. This funding will bridge the gap between investment and long-term financing for projects that foster job creation and economic empowerment in underserved communities. The Fund, boasting an A senior credit rating and BBB bond rating, focuses on small businesses, infrastructure, and affordable housing. Jonathan Tower of Arctaris expressed confidence in the positive impact of KeyBank's investment on sustainable business growth in marginalized areas.

KeyCorp has announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This decision reflects adjustments to the economic landscape and impacts borrowing costs for consumers and businesses. KeyCorp, headquartered in Cleveland, Ohio, is a significant player in the financial services industry, managing assets of approximately $189.8 billion as of December 31, 2022. The increase in the prime rate may influence lending activity and overall market dynamics.

KeyBank has awarded a $150,000 grant to the St. Vincent de Paul Society of Lane County (SVdP) to support its new Shed-ucation initiative. This program, developed with Lane Workforce Partnership and Lane Educational Service District, enables students in rural high schools to gain hands-on experience by building sheds for mobile-home parks. The funding will cover costs for materials and labor, benefiting students with practical skills and low-income families with quality storage solutions. KeyBank's Market President praised the project for its community impact and career preparation for youth.

KeyBank has strengthened its commitment to diversity, equity, and inclusion by launching a partnership with Resilia, a social enterprise helping nonprofits led by Black, Hispanic, Indigenous, and people of color. This initiative will support 25 grassroots organizations across the U.S. through a year-long capacity-building pilot program designed to enhance their infrastructure and operational capabilities. Services include board development, fundraising plans, and management coaching. Shanelle Smith Whigham from KeyBank highlighted that a thriving nonprofit sector is crucial for community success.