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KeyBank and Toledo Fair Housing Center Announce
Collaboration to Expand Access to Banking Services
More than $3 million in local investment to benefit
underserved neighborhoods
Special to The Truth
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
said. “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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