KeyBank Community Development Lending and Investment (CDLI) has invested $10.2 million in 4% Federal Low-Income Housing Tax Credits (LIHTC) equity and provided a $7.9 million construction loan to finance the development of Henrietta Homes, a new affordable housing project in Cleveland, Ohio’s Hough neighborhood.
The project will consist of 40 lease-to-purchase single-family homes built on vacant land throughout the community. Derek Reed and Kory Clark from KeyBank CDLI structured the financing for this transaction. The Famicos Foundation, one of Northeast Ohio’s largest nonprofit community development corporations, is sponsoring Henrietta Homes.
Eight homes within the development will be supported by a 20-year Section 8 project-based voucher program through Cuyahoga Metro Housing Authority as part of partial subsidy funding. Other sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan,and a$1 .25millionequitybridge loanthroughtheOhioHousingFinanceAgency’sHousingDevelopmentLoanprogram.
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