$400,000 Investment by KeyBank to Help NeighborWorks Western Pennsylvania Expand Efforts to Increase Equity in Homeownership in the Region

Rhea-AI Summary

KeyBank is investing $400,000 in NeighborWorks Western Pennsylvania to increase financial stability and homeownership in the region, with a focus on Black individuals and families. The grant is part of KeyBank's commitment to invest $40 billion in the communities it serves. NeighborWorks will provide housing and financial counseling, education, and down payment assistance to prospective buyers. Target outcomes include partnering with 20 nonprofit, development, and business partners, referring 400 homebuyers, holding 550 counseling appointments, educating 250 buyers, and assisting 160 buyers with down payment and closing costs. KeyBank has provided over $577,000 in support to NeighborWorks since 2017 and has made over $496 million in investments in Pittsburgh and Western Pennsylvania.

Positive

• KeyBank is investing $400,000 in NeighborWorks Western Pennsylvania to increase financial stability and homeownership in the region.
• NeighborWorks will provide housing and financial counseling, education, and down payment assistance to prospective buyers.
• KeyBank has provided over $577,000 in support to NeighborWorks since 2017.
• KeyBank has made over $496 million in investments in Pittsburgh and Western Pennsylvania.

Negative

• None.

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

FAQ

What is KeyBank investing in?

KeyBank is investing $400,000 in NeighborWorks Western Pennsylvania.

What is the focus of the investment?

The investment focuses on increasing financial stability and homeownership in the region, with a specific focus on Black individuals and families.

What services will NeighborWorks provide?

NeighborWorks will provide housing and financial counseling, education, and down payment assistance to prospective buyers.

What are the target outcomes of the program?

The target outcomes include partnering with 20 nonprofit, development, and business partners, referring 400 homebuyers, holding 550 counseling appointments, educating 250 buyers, and assisting 160 buyers with down payment and closing costs.

How much support has KeyBank provided to NeighborWorks?

KeyBank has provided over $577,000 in support to NeighborWorks since 2017.

How much has KeyBank invested in Pittsburgh and Western Pennsylvania?

KeyBank has made over $496 million in investments in Pittsburgh and Western Pennsylvania.