Affordable Buffalo Community Scores Construction Financing
Elim Townhomes received $12.1 million in construction financing from KeyBank. The community will reserve five units for individuals with physical, hearing and vision impairments.
KeyBank has financed Elim Townhomes in Buffalo, N.Y., with a $5.4 million construction loan and $6.7 million in 9 percent tax credit equity. Additional financing was provided by the New York State Housing Trust Fund through a $3.1 million permanent loan and by the City of Buffalo through a $900,000 long-term HOME loan.
The property is slated to include 30 units, all of them reserved for people earning up to 50 percent of the area median income, out of which six units will serve people with physical, hearing and vision impairments. Additionally, five apartments are supported by HUD’s HOME Investment Partnerships Program.
The community is being developed by a partnership between Belmont Housing Resources and Elim Christian Fellowship, while Western New York Independent Living Inc. will offer supportive services for individuals with disabilities.
Joseph Eicheldinger, senior relationship manager at KeyBank Community Development Lending & Investment, worked on the financing with Ryan Olman, vice president at KeyBank Community Development Corp., who arranged the equity investment.
KeyBank has also recently partnered with Middleburg to finance the construction of Vesta Derby Oaks, a $30 million apartment redevelopment in Louisville, Ky.