KeyBank Provides $13.8M to Affordable Housing Development in Oregon

By Andie Lowenstein, Associate Editor

Cleveland—KeyBank officially announced that it will provide $13.8 million in support of the development of Bascom Village Phase I, a 53-unit affordable housing community sponsored by the St. Vincent de Paul Society of Lane County (SVDP) in Eugene, Ore. The loan will assist under-served families working to get ahead in an unstable labor market, and highlights the significance of quality housing options during Housing America Month this October.

Bascom Village under construction

Bascom Village Phase I will offer housing to individuals earning 50 percent or less of the area’s median income, along with a range of supportive services administered through SCDP and Housing and Community Services Agency of Lane County (HACSA).

“We are providing much needed family workforce housing in Lane County with these 53 units,” said Robert Likes, national manager of Key’s Community Development Lending/Investment segment. “Key is dedicated to providing safe, decent, affordable housing and helping to create vibrant and sustainable neighborhoods. It’s an especially important responsibility right now, as the nation is in the midst of an affordable housing crisis.”

The property will include a community center with amenities such as classrooms, a kitchen, two kid’s rooms, a laundry room, office space for community policing, a playground and a community garden. Supportive services include: workforce readiness and job-skill building; asset-building programs; services to help families achieve financial and life goals; services to build a residential community; services for youth and children; and services that connect property management to the residential community.

As the primary lender, KeyBank delivered $8 million of equity through Low Income Housing Tax Credits and a $5.8 million construction loan. Other SVDP financing partners include the City of Eugene, Oregon Housing and Community Services, the Network for Oregon Affordable Housing, the Federal Home Loan Bank of Seattle, and the Eugene Water & Electric Board. The contractor for the project was Meili Construction Co., of Eugene, and the architect was Bergsund DeLaney Architecture and Planning, of Eugene.

Demand for affordable housing still holds strong in Lane County, as proven by the hundreds of applications received by SVDP for Bascom Village Phase I. The waiting list remains open and applications can be made at SVDP’s headquarters in Eugene. Phase II is being developed by HACSA and is scheduled for completion next fall.

“Contributing to the supply of workforce housing in this country is a priority for Key and affordable housing, in general, has been a focus of ours for decades,” said Key Community Development Corporation Vice President Beth Palmer Wirtz. “We’re excited for residents to feel at home and achieve solid footing in their new Bascom Village homes.”