The fund is used to abolish systematic racism in housing
KeyBank Community Development Lending and Investments (CDLI) has endowed a $20 million term loan to Enterprise Community Loan Fund to help abolish systematic racism in housing.
Equitable Path Forward is a $3.5 billion nationwide initiative to fill the capital gap created by decades of systemic racism in real estate. The initiative is part of a broader growth fund worth $350 million in loans, equity and grants allotted for Black, Indigenous and people of color (BIPOC) developers to support affordable and workforce housing projects across the US.
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KeyBank’s partnership with Enterprise furthers its relationships with community development financial institutions, allowing financial institutions the opportunity to directly invest in projects that support racial equity in underinvested communities.
Derek Reed, vice president of KeyBank’s CDLI, structured the financing, calling the investment “an opportunity for KeyBank to advance efforts in minority communities.”
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“KeyBank’s support is instrumental as we advance racial equity in the housing industry,” Elise Balboni, president of Enterprise Community Loan Fund, said in a media release. “Partnerships like this directly support developers of color whose access to capital has historically been minimized. We appreciate KeyBank’s commitment to furthering racial equity.”
Enterprise is a non-profit organization investing in capital for impact, advancing housing policy and building communities for families without a home. It has invested $54 million in creating 873,000 homes since its establishment in 1982.
