KeyBank Community Development Lending and Investment (KeyBank) is providing $74 million of financing to help Indianapolis-based Kittle Property Group develop a new affordable housing community in Columbus, OH. The financing from KeyBank includes a $43.3 million construction loan to be followed by a $31 million private placement loan. In addition, $42.2 million in tax-exempt bonds were issued by the Columbus-Franklin County Finance Authority, and $21.3 million in LIHTCs were provided by the Ohio Housing Finance Agency. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.
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