KeyBank Provides $17.8M in Financing for Construction of Affordable Community in Cleveland

by Jeff Shaw

CLEVELAND — KeyBank has provided a total of $17.8 million to Hough Heritage, a 60-unit affordable seniors housing property in Cleveland.

The financing consists of an $8.1 million construction loan as well as a $9.7 million low-income housing tax credit (LIHTC) investment from Key Community Development Corp.

The three-story building will target residents aged 55 and older with incomes at or below 50 to 60 percent of the area median household income. It will include 50 one-bedroom and 10 two-bedroom units.

Hough Heritage will feature supportive services to help residents to age in place.

Kyle Kolesar and Ryan Olman of KeyBank’s Community Development Lending/Investment arranged the financing.

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