KeyBank, NeighborWorks Toledo Region and The Fair Housing Center are partnering to make financing single-family homes easier and more affordable for low- to moderate-income individuals and families throughout the city of Toledo.
The program, which is funded by a $3 million investment from KeyBank and administered by NeighborWorks, will provide an estimated 60 first mortgage and refinance loans at below market rates to borrowers in primarily LMI neighborhoods throughout the city of Toledo. To be eligible, borrowers must have an annual income not exceeding 80 percent of the area median income.
“KeyBank is pleased to partner with NeighborWorks and The Fair Housing Center to invest in and help revitalize the communities that enrich our region by making the dream of homeownership and home improvement a reality,” said Jim Hoffman, president, Northwest Ohio Market, KeyBank. “By turning distressed properties into valued residential assets, as well as creating an affordable pathway to purchase and improve homes, we hope to help neighborhoods and people thrive.”
Loan applicants will be required to attend a NeighborWorks home buyer orientation session, as well as individual counseling sessions that will include an affordability analysis. Additional credit counseling, credit repair instructions and on-site home buyer education will be offered by NeighborWorks Financial Opportunity Center.
“NeighborWorks views KeyBank’s investment as a tremendous opportunity to add home purchase resources that will benefit low- and moderate-income consumers. NeighborWorks Toledo Region is honored to play this vital role in promoting home ownership in our community,” said William Farnsel, executive director, NeighborWorks.
NeighborWorks’s underwriting standards will be used to qualify loan applicants and applications will be submitted for consideration to an internal loan committee made up of senior NeighborWorks management. The Fair Housing Center will ensure the program is inclusive and delivers on its goal of building communities that create and offer opportunity for all.
“Homeownership is the foundation of personal security and strong, stable neighborhoods,” said Marie Flannery, President and CEO of The Fair Housing Center. “Unfortunately, this opportunity is too often out of reach for many in our community. Partnering with KeyBank and NeighborWorks is a crucial step to expand access to homeownership so that all of our neighborhoods are inclusive, vibrant places to live.”
For more information, interested borrowers can contact NeighborWorks by phone at 419-691-2900.
About NeighborWorks Toledo Region
NeighborWorks America® is the country’s preeminent leader in affordable housing and community development, working to create opportunities for lower-income people to live in affordable homes in safe, sustainable neighborhoods that are healthy places for families to grow. NeighborWorks TOLEDO REGION restores and revitalizes NeighborWorks® neighborhoods, primarily for the benefit of current and future inhabitants, by providing services and programs that renew pride, stimulate reinvestment and restore confidence and trust.
About The Fair Housing Center
The Fair Housing Center will be a leading visible force in preventing, correcting, and eliminating discriminatory housing practices. To achieve our vision, the Center works as a trusted community resource, engaging in education and outreach, advocacy for anti-discriminatory housing policies, mediation, research and investigation, and enforcement actions.
The Fair Housing Center is a nonprofit civil rights agency that promotes housing choice, the creation of inclusive communities of opportunity, and the protection and expansion of fair housing rights to support strong communities free of housing discrimination.
The work that provided the basis for this publication was supported by funding under a grant with the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Federal Government.
EQUAL OPPORTUNITY SPECIALISTS
NATIONAL FAIR HOUSING ALLIANCE OPERATING MEMBER
KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.