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October 5, 2023

KeyBank aids supportive units in Tacoma

KeyBank's Community Development Lending and Investment platform recently loaned $14.6 million for the New Life Homes supportive housing project in Tacoma, the bank recently announced. Its Caleb Stephens arranged the construction funding, which is backed by the federal Low Income Housing Tax Credit program (LIHTC). That in turn was syndicated by the National Equity Fund, in which KeyBank is an investor. Other funding came from the Washington Community Reinvestment Association, Washington State Housing Trust Fund, Tacoma Housing Authority and Pierce County. The 60-unit project is being sponsored and developed by Shiloh Baptist Church with Beacon Development Group. The project, next to the church at 813. S. 13th St. in the Hilltop neighborhood, replaces two previously church-owned houses. It'll provide housing and services for veterans, folks exiting homelessness or prison, and those recovering from addiction. Rents will be affordable to individuals earning no more than 30% or 50% of area median income. Services will be provided by Believing In Myself Services (or BIMA) and the federal Department of Veterans Affairs. Schemata Workshop is the architect, and Marpac the builder.




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