As part of its five-year National Community Benefits Plan, KeyBank has invested nearly $220 million in communities in Connecticut and western Massachusetts in the past two years, bank officials announced.
This includes:
• $124 million in community-development projects;
• $34 million in small business loans to businesses in low-to-moderate-income communities;
• $60 million in mortgage lending to low-to-moderate-income communities;
• $2 million in transformational philanthropic investments supporting neighborhoods and community initiatives in partnership with nonprofit organizations.
Karen Crane, senior communications manager with KeyBank, said these numbers include funding toward several community development projects in the New Haven area, such as Tower One/Tower East and Beechwood Gardens apartment complexes.
For philanthropic investments, grants that have directly impacted New Haven include those to the Connecticut Center for Arts and Technology (ConnCAT) in Science Park, Achievement First, Connecticut Food Bank, Connecticut Association for Human Services’ BankOn program, United Way of New Haven, and New Haven Works.
Bank officials did not have a breakdown of how much of the $220 million went toward the New Haven region as opposed to other areas of Connecticut and Massachusetts.
Originally unveiled in 2016, KeyBank’s National Community Benefits Plan includes a commitment of $16.5 billion over a five-year period which began on Jan. 1, 2017. The funding is earmarked for affordable housing and development, growing small businesses and jobs, mortgages for underserved communities and philanthropy.
KeyBank Market President Jeff L. Hubbard said helping neighborhoods thrive is a priority.
“Whether it’s a mortgage for a first-time homebuyer or a small-business loan in a struggling neighborhood, each investment in the community is making a difference,” Hubbard said in an announcement. “When the neighborhoods we serve succeed, we all succeed.”
