City of Cleveland and KeyBank Announce $2.5 Million Grant To Fund New Home Repair Programs for Cleveland Residents

Rhea-AI Summary

KeyBank announces $2.5 million grant for home repair programs in Cleveland

Positive

• KeyBank's $2.5 million grant will amplify the city's $15 million American Rescue Plan Act (ARPA) investment
• The grant will support new home repair programs and revitalization efforts in under-resourced neighborhoods
• KeyBank's investment demonstrates their commitment to helping clients and communities thrive

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / August 29, 2023 / KeyBank

This week Cleveland Mayor Justin M. Bibb, KeyCorp CEO Chris Gorman, Cleveland City Council President Blaine A. Griffin and leaders from CHN Housing Partners and LISC Cleveland celebrated a $2.5 million philanthropic grant from KeyBank to amplify the city's recent $15 million American Rescue Plan Act (ARPA) investment to support new home repair programs.

"This incredible investment from KeyBank is helping us make our ARPA dollars go further, particularly in neighborhoods that have experienced disproportional disinvestment," said Mayor Justin M. Bibb. "I know I speak for all of us when I say thank you to the KeyBank Foundation for their commitment to Cleveland and to this important work. Funding for home repair is a critical component of the work being done to revitalize the Southeast side and our city as a whole."

KeyBank Foundation grants will be awarded to CHN Housing Partners and LISC Cleveland, who will work with the City of Cleveland to distribute funds to qualifying residents.

"KeyBank's significant investment is a testament to our enduring commitment to both our hometown and to our purpose…to help our clients and communities thrive," said Chris Gorman, Chairman and CEO of KeyCorp. "We are pleased to be part of this landmark partnership with the City of Cleveland, LISC and CHN Housing Partners, helping homeowners access funding to build and revitalize our neighborhoods, home by home and block by block. We look forward to seeing the transformative impact this investment will have in communities across Cleveland for years to come."

Affordable housing and home ownership are part of the KeyBank Foundation's core mission, both building generational wealth through homeownership and revitalizing and improving the hoes in under-resourced communities.

"We are incredibly grateful to KeyBank Foundation for this investment in Cleveland's families and neighborhoods," said Kevin J. Nowak, president and CEO of CHN Housing Partners. "This investment will ultimately have a triple bottom line for residents-making them more housing stable, helping them live in a healthier environment, and improving their property values which will create generational wealth."

Following yesterday's announcement, the partners will convene to finalize the grantmaking process and discuss how to best align with the work already being done by Cleveland's Department of Community Development and community partners to make a transformative difference.

"LISC is honored to partner with the City of Cleveland and KeyBank to bring a home repair program to Cleveland," said Kandis Williams, LISC Cleveland Executive Director. "This program's impact will be far reaching in that it will support the stabilization of neighborhoods through improved housing stock while also supporting the building of assets and intergenerational wealth for individual Cleveland homeowners."

The initial $15 million pot of ARPA funding for City of Cleveland home maintenance and repair programs was approved by City Council earlier this month. Through this investment, four nonprofits-CHN, LISC, Habitat for Humanity and Cleveland Restoration Society-will receive funding to administer loans and grants to assist low-income residents.

"Residents want to know that Council's ARPA investments are directly benefiting them. Our initial $15 million investments in home repair loans - and Key Bank's $2.5 million match will allow us to help more owners invest in their homes, especially in neighborhoods often overlooked by traditional lenders," said City Council President Blaine A. Griffin. "This is a win for Clevelanders. We'll continue the fight for residents by seeking additional external partners to support this work."

Officials from the City of Cleveland, KeyBank and community partner organizations celebrate $2.5 million grant from KeyBank Foundation for new home repair programs.

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View source version on accesswire.com:
https://www.accesswire.com/778201/City-of-Cleveland-and-KeyBank-Announce-25-Million-Grant-To-Fund-New-Home-Repair-Programs-for-Cleveland-Residents