KeyBank Provides $10 Million for Senior Affordable Housing

KeyBank ranked No. 22 on the Fair360 Top 50 Companies for Diversity list in 2023.

 

KeyBank Community Development Lending and Investment (CDLI) granted $9.9 million in low-income housing tax credit (LIHTC) equity to finance 80 housing units for low-income seniors.

The funding will support the creation of 20 new apartments in the Margaret Wagner Senior Apartments in Cleveland Heights, OH. Sixty apartments on the upper floors will also be preserved.

The Margaret Wagner House was built in 1960 by the Benjamin Rose Institute on Aging as a nursing home. The project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing, and site improvements.

“Since our founding in 1908, Benjamin Rose Institute on Aging has worked to ensure that older adults have a place to call home,” said Orion Bell, President and CEO, Benjamin Rose Institute on Aging. “Margaret Wagner House has been part of that legacy since 1960 and we are excited to see the property evolve to meet the changing needs of the people we serve and the neighborhoods in which they choose to live. We are grateful for KeyBank’s investment in this project and the community.”

The project is being co-developed with CHN Housing Partners.

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