KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester
ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.