KEYBANK ANNOUNCES $40 BILLION INVESTMENT IN COMMUNITIES INCLUDING AFFORDABLE HOUSING, ECONOMIC INCLUSION, AND CLIMATE CHANGE FUNDING COMMITMENTS
March 12, 2021 – Tarrytown NY – Building on early fulfilment of its groundbreaking $16.5 billion Community Benefits Plan, KeyBank today announced it will increase its commitment to $40 billion. The investments will continue focus on economic access and equity for underserved communities and populations.
Launched in 2017, the National Community Benefits Plan surpassed its $16.5 billion goal in 2020 by delivering more than $18 billion in lending and investments across its footprint. This includes $310 million of investments in Key’s Hudson Valley and Metro NY market supporting small business and home lending in low- and-moderate income communities, affordable housing and community development projects, and philanthropic efforts targeted toward education, workforce development, and safe, vital neighborhoods.
Highlights from the first four years of community investment in Hudson Valley/Metro NY include (as of 12/31/20):
- KeyBank invested more than $171 million in affordable housing and community development projects, such as Twin Parks West with the New York City Housing Authority in the Bronx and Amory Plaza senior housing in While Plains.
- KeyBank originated $67 million in small business loans to businesses that are part of low- and-moderate income communities.
- KeyBank provided $71 million in mortgage lending to low- and moderate-income communities.
- KeyBank made $1.42 million in transformational philanthropic investments in neighborhoods through grants to nonprofit organizations such as Lifting UP Westchester, Read Alliance, My Sister’s Place, El Centro Hispano, United Way, and Dutchess County Community Foundation.
Through its expanded commitment, KeyBank’s aggregate investments nationwide under the Community Benefits Plan will include:
- $36 Billion – Economic Equity & Inclusion- KeyBank will continue its commitment to providing affordable housing, mortgages, small business lending, and transformative philanthropy throughout the markets where it does business. In addition, KeyBank plans to support homeownership by investing in down payment assistance. From hiring and career development to increasing spend with diverse suppliers, KeyBank will continue its longstanding focus on diversity, equity, and inclusion inside and outside of the company. KeyBank will also build partnerships with CDFIs focused on serving minority-owned businesses and will develop and deliver financial education in minority and LMI communities.
- $4 Billion – Renewable Energy & Sustainability – Since 2012, KeyBank has made more than $15 billion in renewable energy investments and was a top provider of renewable energy financing in North America in 2019 and 2020. The updated commitment will include this long-standing focus to increase KeyBank’s renewable energy financing, as well as accelerating Key’s efforts to reduce the company’s environmental footprint.
KeyBank also announced it has received its 10th consecutive “Outstanding” rating from the Office of the Comptroller of the Currency for reaching the highest standards of the Community Reinvestment Act (CRA). The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income (LMI) communities across America. KeyBank is one of the only U.S. national banks to be rated “Outstanding” by the OCC for ten consecutive review periods, since the Act’s passage in 1977.
“KeyBank has a long-standing commitment to the Key’s Hudson Valley and Metro NY market,” said John Manginelli, KeyBank Market President for Hudson Valley/Metro NY. “We live and work in the communities we serve and have a proven track record of helping clients and communities thrive. KeyBank will work closely with local leaders and organizations to develop comprehensive solutions to the pressing issues of economic disparity, racial equity, and climate change.”
To implement the Community Benefits Plan, KeyBank will work with community leaders and organizations to develop specific plans for each market it serves across 15 states. For more information on KeyBank’s more than $40 billion National Community Benefits Plan, log on to Key.com/Community.
KeyCorp’s roots trace back 190 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 $170.3 billion at December 31, 2020. 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 more than 1,000 branches and approximately 1,400 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.