CLEVELAND, Ohio — KeyBank plans to more than double how much money it commits to its community-benefits plan that focuses on “economic access and equity for underserved communities and populations.”
Launched in 2017 as a $16.5 billion effort, KeyBank is increasing the dollar amount to $40 billion.
Cleveland, Ohio–based KeyBank has a significant presence in Central New York and all of upstate New York.
KeyBank’s community-benefits plan surpassed its $16.5 billion goal in 2020 with more than $18 billion in lending and investments across its footprint. The activity included $169 million of investments in the Central New York market.
The investments supported small business and home lending in low- and-moderate income communities; affordable housing and community-development projects; and philanthropic efforts targeting education, workforce development, and “safe, vital” neighborhoods, the bank said.
In the plan’s first four years, KeyBank invested more than $67 million in affordable housing and community-development projects in Central New York, including developments such as Meadows Senior Living II, a 102-unit affordable housing development for seniors located in New Hartford.
The bank also provided a $10.4 million loan to Ithaca Neighborhood Housing Services for the renovation of 98 apartment units in 31 buildings in Ithaca’s Southside, West Hill and Northside neighborhoods.
KeyBank also says it originated $54 million in small-business loans to companies that are part of low- and-moderate income communities. They include businesses such as Relyea’s Towing LLC in Binghamton.
The bank provided $47 million in mortgage lending to low- and moderate-income communities in Central New York.
In addition, KeyBank says it made $850,000 in philanthropic investments in Central New York neighborhoods. That included a $200,000 donation to the Syracuse Rescue Mission to help cover costs for the renovation and expansion of the organization’s food-services center, and a $100,000 grant to Jubilee Homes to help veterans and formerly incarcerated individuals dealing with long term unemployment.