Genesis Housing Corporation in Eastern Pennsylvania Awarded $150,000 From KeyBank Foundation

Rhea-AI Summary

KeyBank partners with Genesis Housing Corporation to develop an energy efficiency program for income-qualified families in Montgomery County, PA. The $150,000 grant will fund energy audits and improvements, including LED light bulbs and insulation, to lower energy costs and provide more comfortable homes. KeyBank's investment is part of a $40 billion community investments plan focused on economic access and equity.

Insights

Economist

The partnership between KeyBank and Genesis Housing Corporation to develop an energy efficiency component within the Healthy Homes Program represents a strategic investment in sustainable community development. This initiative, supported by a $150,000 grant, directly addresses the intersection of economic access and environmental sustainability. From an economic perspective, the program is likely to yield a multiplier effect, where the initial investment circulates through the local economy, creating jobs and potentially leading to increased property values as homes become more energy-efficient.

Moreover, the program aligns with broader economic trends prioritizing green initiatives. As energy costs rise, the demand for energy-efficient housing is expected to escalate. This could lead to increased marketability of homes within the program, potentially stimulating the local real estate market. The long-term implications may include greater economic resilience for low-income families, as reduced energy costs can alleviate financial stress and contribute to overall household stability.

Market Research Analyst

From a market perspective, the collaboration between KeyBank and Genesis Housing Corporation could serve as a model for other financial institutions and non-profit organizations. The integration of energy efficiency measures with housing rehabilitation addresses a previously unmet need in the market, as traditional energy programs often exclude homes requiring substantial repairs. By filling this gap, KeyBank not only enhances its corporate social responsibility profile but also differentiates itself in a competitive banking sector.

The initiative might also influence consumer behavior, as awareness of energy efficiency grows among homeowners. The adoption of LED light bulbs, low-flow fixtures and improved insulation can set a precedent for similar upgrades, potentially driving demand for energy-saving products and services. This could benefit local suppliers and contractors, leading to a more robust market for energy efficiency solutions.

Environmental Policy Expert

An environmental policy analysis of KeyBank's investment in energy-efficient housing initiatives reveals a proactive approach to addressing climate change at the community level. By funding energy audits and improvements, the program contributes to the reduction of greenhouse gas emissions, aligning with state and federal goals for energy conservation. Furthermore, it demonstrates an understanding of the policy landscape, where there is increasing support for initiatives that combine environmental benefits with social equity.

The program's design, which coordinates with other housing initiatives, maximizes the impact of government and private funds. It also reflects a growing trend in policy development that seeks to create synergies between different sectors to achieve more comprehensive outcomes. The potential policy implications include the creation of case studies and best practices that can inform future legislation and funding models prioritizing energy efficiency in low-income housing.

Funds will be used to develop an energy efficiency component to the Healthy Homes Program

PLYMOUTH MEETING, PA / ACCESSWIRE / February 15, 2024 / KeyBank and Genesis Housing Corporation have partnered to create a new energy efficiency program as part of the organization's Healthy Homes Program for income-qualified families of Montgomery County in the greater Philadelphia, PA area. The three-year, $150,000 grant from KeyBank Foundation will enable Genesis Housing to provide energy audits and low-cost energy saving improvements to households who receive Healthy Homes grants. Energy saving measures may include LED light bulbs, facet aerators, efficient flow shower heads and additional insulation. This program would also be coordinated with other housing programs adding additional funding for recommended improvements.

"Genesis Housing is excited with the opportunity that KeyBank has provided to add energy efficiency and conservation for lower income homeowners in coordination with the Healthy Homes Program" said Genesis Housing Corporation's Executive Director, Judith Memberg. "Existing energy efficiency programs can't combine fixing a leaking roof with new insulation. Homes with problems like this are not eligible for the energy efficiency work until the roof is repaired. With this innovative program, rehab of deteriorated systems, like roofs, can be completed and insulation installed to provide a more comfortable weather tight home with lower energy costs."

KeyBank's grant to Genesis Housing is part of the bank's $40 billion community investments plan focused on economic access and equity to communities across the country. The scope of the plan includes investments and lending in affordable housing, home lending, small business lending, green initiatives, and transformative philanthropy targeted toward workforce development, education, and safe, vital neighborhoods for underserved communities and populations.

"KeyBank joins Genesis Housing in the belief that all families deserve safe, affordable and stable housing. As a community-minded bank, we are committed to providing access to capital and support to neighborhoods and neighbors who face financial barriers," said KeyBank's Eastern Pennsylvania Market President and Market Retail Leader, Youseff Tannous. "Healthy Homes grants are an essential resource for many low- and moderate- income families in Montgomery County and we are proud to help provide an energy-efficient component to the program."

About Genesis Housing
Genesis Housing is dedicated to the development of affordable housing, the revitalization of neighborhoods and the education of consumers on housing and financial issues. Since its inception in 1994, Genesis Housing has served Montgomery County and the surrounding counties as a community housing development organization (CHDO) and has renovated or build over 800 units of affordable housing and provided housing counseling services to more than 15,000 clients.

About KeyBank Foundation
KeyBank Foundation serves to fulfill KeyBank's purpose to help clients and communities thrive, and its mission is to support organizations and programs that prepare people for thriving futures. The Foundation's mission is advanced through three funding priorities - neighbors, education, and workforce - and through community service. To provide meaningful philanthropy that transforms lives, KeyBank Foundation listens carefully to understand the unique characteristics and needs of its communities and then backs solutions with targeted philanthropic investments. KeyBank Foundation is a nonprofit charitable foundation, funded by KeyCorp.

About KeyCorp/KeyBank
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 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 1,200 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

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Media contact
KeyBank: Karen Crane, Regional Communications Manager | 203-789-2752 | karen_crane@keybank.com

Leaders from KeyBank made a check presentation to Genesis Housing on February 9th. Pictured from left are KeyBank Branch Manager Ashley Bowen; KeyBank Corporate Responsibility Officer Chiwuike Owunwanne; Genesis Housing Executive Director, Judith Memberg; KeyBank Market President and Market Retail Leader, Youseff Tannous; KeyBank Area Retail Leader Robert Lombardo.

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 the original press release on accesswire.com

FAQ

What is the purpose of the partnership between KeyBank and Genesis Housing Corporation?

The partnership aims to create an energy efficiency program for income-qualified families in Montgomery County, PA.

What will the $150,000 grant from KeyBank Foundation be used for?

The grant will fund energy audits and low-cost energy saving improvements, such as LED light bulbs and insulation, for households in the Healthy Homes Program.

What is the focus of KeyBank's $40 billion community investments plan?

The plan is focused on economic access and equity, including investments in affordable housing, home lending, small business lending, green initiatives, and philanthropy for underserved communities.

Who is the Executive Director of Genesis Housing Corporation?

Judith Memberg is the Executive Director of Genesis Housing Corporation.

What is the goal of providing energy-efficient components to the Healthy Homes Program?

The goal is to help lower income homeowners improve energy efficiency, reduce costs, and create more comfortable living spaces.