KeyBank Grants $46.4 Million for Permanent Supportive Housing in Los Angeles

KeyBank ranked No. 22 on the Fair360, formerly DiversityInc 2023 Top 50 Companies for Diversity list.


KeyBank Community Development Lending and Investment (CDLI) donated $46.4 million to construct new permanent supportive housing in Los Angeles, CA.

The funding helped build 2111 Firestone, a six-story complex of one- and two-bedroom apartments designed to serve families and individuals exiting homelessness. Forty-two units will be used for individuals earning no more than 30% of the Area Median Income (AMI). Forty-one units are dedicated for households earning no more than 50% of AMI.

KeyBank CDLI provided $19.7 million in federal and state LIHTC equity, a $21.4 million construction loan and a $5.3 million permanent loan.

Residents of the building will also have access to supportive services to help them stabilize and enhance their overall well-being, including mental health services, addiction/recovery services and assistance in strengthening independent living skills.

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