KeyBank Provides $16.3M in Financing for Construction of Affordable Community in New York

GEDDES, N.Y. — KeyBank’s Community Development Lending & Investment (CDLI) team will provide $16.3 million in financing to Christopher Community Inc. for the construction of Harborbrook Apartments, a mixed-income seniors housing development in the Syracuse suburb of Geddes.

Christopher Community, a nonprofit specializing in the development and management of seniors housing facilities, will receive a $7.3 million construction loan and up to $9 million in LIHTC equity.

Harborbrook Apartments will feature 60 units for seniors 55 and older making 30 percent, 50 percent or 70 percent of the area median income (AMI). Twenty units will be set aside for individuals with disabilities and three units will be set aside for individuals with hearing or visual impairments.

Residents at the Harborbrook Apartments will benefit from Christopher Community’s partnership with the Centers at St. Camillus, one of the largest senior rehabilitation centers in Central New York. The Centers at St. Camillus earned an Empire State Supportive Housing Initiative contract, and will provide rental assistance and subsidize supportive services to seniors at Harborbrook making 30 percent AMI.

The NYS Supportive Housing Initiatives Program, the NYS Middle Income Housing Program and the NYS Energy Research and Development Program also provided funding for the project.

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