KeyBank endows $20 million to house underinvested communities

KeyBank’s partnership with Enterprise furthers its relationships with community development financial institutions, allowing financial institutions the opportunity to directly invest in projects that support racial equity in underinvested communities.

Derek Reed, vice president of KeyBank’s CDLI, structured the financing, calling the investment “an opportunity for KeyBank to advance efforts in minority communities.”

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

Enterprise is a non-profit organization investing in capital for impact, advancing housing policy and building communities for families without a home. It has invested $54 million in creating 873,000 homes since its establishment in 1982.