CLEVELAND, Ohio — KeyBank plans to more than double how much money it commits to its community-benefits plan that focuses on “economic access and equity for underserved communities and populations.”
Launched in 2017 as a $16.5 billion effort, KeyBank is increasing the dollar amount to $40 billion.
Cleveland, Ohio–based KeyBank has a significant presence in Central New York and all of upstate New York.
(Sponsored)
The OBBBA Resurrects the Immediate R&E Expense Deduction
Under the Tax Cuts and Jobs Act (TCJA), businesses, including manufacturers, have been required since 2022 to amortize domestic Section 174 research and experimental (R&E) costs over five years, rather
10 Reasons Your Business Needs Cyber Insurance
1. Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies. New crimes are emerging every day.
KeyBank’s community-benefits plan surpassed its $16.5 billion goal in 2020 with more than $18 billion in lending and investments across its footprint. The activity included $169 million of investments in the Central New York market.
The investments supported small business and home lending in low- and-moderate income communities; affordable housing and community-development projects; and philanthropic efforts targeting education, workforce development, and “safe, vital” neighborhoods, the bank said.
In the plan’s first four years, KeyBank invested more than $67 million in affordable housing and community-development projects in Central New York, including developments such as Meadows Senior Living II, a 102-unit affordable housing development for seniors located in New Hartford.
The bank also provided a $10.4 million loan to Ithaca Neighborhood Housing Services for the renovation of 98 apartment units in 31 buildings in Ithaca’s Southside, West Hill and Northside neighborhoods.
KeyBank also says it originated $54 million in small-business loans to companies that are part of low- and-moderate income communities. They include businesses such as Relyea’s Towing LLC in Binghamton.
The bank provided $47 million in mortgage lending to low- and moderate-income communities in Central New York.
In addition, KeyBank says it made $850,000 in philanthropic investments in Central New York neighborhoods. That included a $200,000 donation to the Syracuse Rescue Mission to help cover costs for the renovation and expansion of the organization’s food-services center, and a $100,000 grant to Jubilee Homes to help veterans and formerly incarcerated individuals dealing with long term unemployment.
