Program will focus on Black
individuals and families who have historically had inequitable
access to homeownership
PITTSBURGH, Oct. 31,
2023 /PRNewswire/ -- KeyBank is investing
$400,000 in NeighborWorks Western
Pennsylvania to help increase financial stability and
homeownership throughout the region with a focus on Black individuals and families who have
historically had inequitable access to homeownership. This grant is
part of KeyBank's commitment to invest $40
billion in the communities it serves.
"KeyBank's purpose is to help the communities we serve thrive.
Accessibility to homeownership is a crucial element of thriving
communities," said Victor Laurenza,
KeyBank Western Pennsylvania Market President. "We are excited to
partner with and support NeighborWorks Western Pennsylvania in
their mission of promoting stable, vibrant communities by providing
equitable and comprehensive homeownership services."
"This grant provides sustainable support for first-time buyers
at all stages of purchase readiness, including those with major
barriers to homeownership. KeyBank's investment shows a commitment
to closing the staggering racial wealth gap in Western Pennsylvania," said Colin Kelley, CEO of NeighborWorks Western
Pennsylvania. "We look forward to partnering with KeyBank over the
next four years to promote equitable access to homeownership in our
region."
Through community-based partnerships, NeighborWorks will connect
prospective buyers to housing and financial counseling, homebuyer
education, and down payment and closing cost assistance. The focus
will include those living outside of the Pittsburgh metro, in rural and suburban
communities throughout Western
Pennsylvania.
Target outcomes include:
- NeighborWorks will enter into or renew existing partnership
memorandums of understanding with a minimum of 20 nonprofit,
development, and business partners
- 400 prospective homebuyers will be referred to
NeighborWorks by community partners
- 550 counseling appointments will be held with prospective
buyers
- 250 prospective buyers will complete
HUD-certified homebuyer education
- 160 buyers will receive down payment and closing cost
assistance, either through NeighborWorks or a program offered
by a partner. 50% of down payment assistance will go to
Black buyers.
Including this investment, KeyBank has provided more than
$577,000 in support to NeighborWorks
since 2017.
Since 2017, KeyBank has made more than $496 million in investments in Pittsburgh and Western Pennsylvania, supporting affordable
housing and community development projects; small business and home
lending to low-to-moderate income individuals and communities, and
transformative philanthropy.
ABOUT KEYBANK
KeyBank's roots trace back nearly
200 years to Albany, New York.
Headquartered in Cleveland,
Ohio, KeyCorp (NYSE: KEY) is one of the
nation's largest bank-based financial services companies, with
assets of approximately $188 billion
at September 30, 2023. 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 1,000 branches and approximately 1,300
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.
ABOUT NEIGHBORWORKS OF WESTERN
PENNSYLVANIA
For more than 50 years,
NeighborWorks Western
Pennsylvania has promoted stable, vibrant communities by
providing our neighbors with comprehensive homeownership
services. Legendary community organizer Dorothy Richardson founded our organization,
then known as Neighborhood Housing Services, to address the lack of
safe and affordable housing on Pittsburgh's Northside. The success of Richardson and
her neighbors, using a resident-led model, inspired
NeighborWorks America, a national network of community-based
organizations. Today, NeighborWorks Western Pennsylvania is a leader in
sustainable homeownership, preparing first-time
homebuyers and supporting homeowners in Western Pennsylvania through one-on-one
counseling, education, and down-payment assistance. Our team of
HUD-certified homeownership counselors adhere to the
highest standards of quality and accountability in the industry.
Learn more: www.neighborworkswpa.org.
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SOURCE KeyCorp