KeyBank Provides $5.7M Construction Financing for Affordable Community in Ohio

DAYTON, Ohio — KeyBank Community Development Lending & Investment (CDLI) has provided $5.7 million to The Woda Group Inc. for the construction of Audubon Crossing, a 50-unit affordable seniors housing community in Dayton.

The three-story community will be restricted to residents over the age of 55 earning between 35 and 50 percent of the area median income.

The property is part of a larger development known as Salem Crossing Hope IV. The Hope IV program is part of the Greater Dayton Premier Management’s efforts to improve the physical quality of housing and revitalize neighborhoods.

The financing represents Key’s 18th project with Woda.

Kelly Frank of CDLI group arranged the construction loan. The project utilizes multiple sources of funding, including an allocation of  Low-Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) Loan from Greater Dayton Premier Management, and a Housing Development Assistance Program (HDAP) loan.

More News