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KeyBank, NeighborWorks and The Fair Housing Center collaborate to expand access to home loans for single-family properties

TOLEDO, September 2, 2021: KeyBank, NeighborWorks Toledo Region and The Fair Housing Center are partnering to make financing single-family homes easier and more affordable for low- to moderate-income individuals and families throughout the city of Toledo.
 

The program, which is funded by a $3 million investment from KeyBank and administered by NeighborWorks, will provide an estimated 60 first mortgage and refinance loans at below market rates to borrowers in primarily LMI neighborhoods throughout the city of Toledo. To be eligible, borrowers must have an annual income not exceeding 80 percent of the area median income.

“KeyBank is pleased to partner with NeighborWorks and The Fair Housing Center to invest in and help revitalize the communities that enrich our region by making the dream of homeownership and home improvement a reality,” said Jim Hoffman, president, Northwest Ohio Market, KeyBank. “By turning distressed properties into valued residential assets, as well as creating an affordable pathway to purchase and improve homes, we hope to help neighborhoods and people thrive.”

Loan applicants will be required to attend a NeighborWorks home buyer orientation session, as well as individual counseling sessions that will include an affordability analysis. Additional credit counseling, credit repair instructions and on-site home buyer education will be offered by NeighborWorks Financial Opportunity Center.

“NeighborWorks views KeyBank’s investment as a tremendous opportunity to add home purchase resources that will benefit low- and moderate-income consumers. NeighborWorks Toledo Region is honored to play this vital role in promoting home ownership in our community,” said William Farnsel, executive director, NeighborWorks.

NeighborWorks’s underwriting standards will be used to qualify loan applicants and applications will be submitted for consideration to an internal loan committee made up of senior NeighborWorks management. The Fair Housing Center will ensure the program is inclusive and delivers on its goal of building communities that create and offer opportunity for all.

“Homeownership is the foundation of personal security and strong, stable neighborhoods,” said Marie Flannery, President and CEO of The Fair Housing Center. “Unfortunately, this opportunity is too often out of reach for many in our community. Partnering with KeyBank and NeighborWorks is a crucial step to expand access to homeownership so that all of our neighborhoods are inclusive, vibrant places to live.” 

For more information, interested borrowers can contact NeighborWorks by phone at 419-691-2900.

 

 

 
Copyright © 1989 to 2021 by [LaPrensa Publications Inc.]. All rights reserved.
Revised: 09/07/21 19:45:44 -0700.

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