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KeyBank To Provide $14.6 Million For Supportive Housing In Tacoma, Washington

 Keyband and numerous other organizations are providing funds to provide supportive services and housing to tenants and homeless veterans. 

October 6, 2023

KeyBank Community Development Lending and Investment (CDLI) provided $14.6 Million in funds for the construction of New Life Homes, a 60-unit low-income housing project on Hilltop in Tacoma, Washington. This new low-income housing project will address the dire need for affordable housing serving individuals who are homeless, disabled, and veterans with an income of 30-50% of the median income. 

Shiloh Baptist Church, a historic Black church, is working with Beacon Development Group to develop New Life Homes in Tacoma’s Hilltop, aiming to counter gentrification by converting several parcels along South I Street into affordable housing. With the support of the Tacoma Housing Authority, the church has combined public funding, tax credits, and traditional financing to facilitate the construction of New Life Homes.

KeyBank provided $14.6 Million in funds along with LIHTC equity provided by the National Equity Fund’s (NEF) Emerging Minority Developer Fund. This housing project will also have subordinate financing from multiple sources such as $6 Million from the Washington State Housing Trust Fund, $4.4 Million from Tacoma, and $5 Million from Pierce County.  

Veteran Affairs will be entrusted with the responsibility of providing services for the Veteran Affairs Supportive Housing (VASH) units and coordinate with BIMA, the service provider for the site. 

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PR News Wire. “Keybank Provides $14.6 Million Of Financing For Supportive Housing In Tacoma, Washington”. PR News Wire, October 3, 2023, 

KEYBANK PROVIDES $14.6 MILLION OF FINANCING FOR SUPPORTIVE HOUSING IN TACOMA, WASHINGTON (prnewswire.com)

Last Updated: September 20, 2021