April

21

Keybank and Toledo Fair Housing Center Announce Community Collaboration to Expand Access to Banking Services

Posted Apr 21st, 2016 by Sarah Jenkins  Category: Community Interest, Toledo.com

 

More than $3 million in local investment to benefit underserved neighborhoods

TOLEDO, Ohio (April 18, 2016) — KeyBank (NYSE: KEY) and Toledo Fair Housing Center (TFHC) are pleased to announce a community collaboration that will expand access to homeownership and banking services in Toledo’s traditionally underserved communities. The comprehensive plan represents a focused investment in the Toledo area, and is in addition to Key’s broader $16.5 billion 2017 National Community Benefits Plan, which was announced on March 18, 2016.

“At KeyBank, our purpose is to help clients and communities thrive. So, we listened carefully to the needs of this community, as articulated by Toledo Fair Housing Center, and we’re proud to have developed a comprehensive and responsive approach. Together with TFHC, we will be bringing more local residents to the banking system, with responsible and accessible products and services that best meet their needs,” said Jim Hoffman, KeyBank Market President.

“When more members of our community have access to financial opportunities, it brings prosperity within reach for many hard-working families and creates stable neighborhoods,” remarked Michael Marsh, President and CEO of Toledo Fair Housing Center. “We look forward to an ongoing collaboration with Key to help ensure low-to-moderate income neighborhoods and communities of color have the chance to pursue the American Dream. Key was receptive to our input, and we hope other financial institutions in our area will follow Key’s lead and work with us to develop inclusive practices that serve the entire community.”

The plan, which is effective March 31, 2016, with provisions that last three to five years, entails the following:

– More than $3 million in investments to support home ownership: Key will provide equity investments to Community Development Financial Institutions (CDFIs) that serve the City of Toledo, with particular emphasis on down payment assistance, as well as specific support for local housing organizations, with the goal of increasing homeownership for local residents.

– A new approach to homeownership: Key’s focus on helping Toledo residents achieve the American dream of owning a home will include a unique and tailored approach to mortgage underwriting, with in-house, manual underwriting for Key Community Mortgage loan products. The approach means mortgage applications that might typically be denied will receive a “second look” by KeyBank. This approach in Toledo will be a part of KeyBank’s new national mortgage platform.

– Increased consumer awareness, access, and education: With support from TFHC, Key will strive to make its full suite of products and services available to low-to-moderate income neighborhoods and communities of color. The approach includes a comprehensive marketing plan and regular meetings between Key and TFHC, to ensure products and services are reaching underserved communities and effectively responding to their needs. In addition, Key will partner with HUD certified housing counseling agencies to provide financial education to consumers, preparing them for homeownership and improving their personal money management skills.

– Continued branch access for local residents: Key currently has 22 branches in the Greater Toledo area and will proudly continue operating its branches in low-to-moderate income neighborhoods for at least the next three years.

“We’re pleased to have a partner as involved as TFHC. This is not a plan that can be built and put on a shelf. It took great care to develop and it will take concerted and active engagement on both parts to execute it. We look forward to regular meetings with TFHC in the months ahead, to keep the plan on track and ensure local needs are being met,” said Hoffman.

“This collaboration represents a commitment to Toledo’s urban neighborhoods, which have struggled with disinvestment for years,” Marsh commented. “Toledo Fair Housing Center has a duty to work with our community partners to remove barriers to opportunity. We serve as a resource to local financial institutions and developed the Model Bank initiative, which offers guidelines for providing our entire community with access to reliable, stable banking products and services.”

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Sarah Jenkins - Toledo Fair Housing Center/NODA

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