Financing offered to minority developers for affordable housing

As far as construction workers, that’s a different story – workers identifying as Hispanics or Latinos comprise 30%, or 15 million, of these workers, while African Americans resent some 17% (8.5 million) of the workforce. Other minorities, totaling about two million, make up around 2% of the workforce. All told, the construction industry workforce includes 25 million minority workers, according the association.

Anchoring the initiative is a $350 million Growth Fund composed of loans, equity, and grants, for Black, Indigenous and people of color (BIPOC) developers to support affordable and workforce housing projects across the United States. KeyBank’s partnership with Enterprise furthers its relationships with community development financial institutions (CDFIs), allowing financial institutions the opportunity to directly invest in projects that support racial equity in underinvested communities of color, officials said.

“This investment is an opportunity for KeyBank to advance efforts in minority communities through impactful investing and build on KeyBank’s successful Community Benefit Plan,” Derek Reed, vice president of KeyBank CDLI, said in a prepared statement.

Elise Balboni, president, Enterprise Community Loan Fund, added: “KeyBank’s support is instrumental as we advance racial equity in the housing industry. Partnerships like this directly support developers of color whose access to capital has historically been minimized.”