KeyBank Provides $8.3M Acquisition Financing for Affordable Housing Property in Cincinnati

CINCINNATI — KeyBank Community Development Lending & Investment has provided $8.3 million in acquisition financing for Morgan Apartments in Cincinnati. The 48-unit affordable housing property features six vacant buildings. All units are reserved for families earning between 30 and 60 percent of the area median income. Kelly Frank of KeyBank originated the financing on behalf of the borrowers, The Model Group Inc. and Over-the-Rhine Community Housing Inc (OTRH). The Morgan Apartments will offer early childhood education, before and after school care, credit counseling, financial literacy programs, education assistance, job training and placement assistance through OTRH. The Ohio Capital Corporation for Housing provided the low-income housing tax credits, federal historic tax credit and state historic tax credit equity for the project.