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KeyBank Surpasses $1 Million Funded in Home Buyer Credits

by Chanel Rowe
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Milestone illustrates KeyBank’s commitment to reducing barriers to homeownership for all

(CLEVELAND) – August 31, 2023 – Today, KeyBank announced that it has funded more  than $1 million in KeyBank Home Buyer CreditsSM since the program’s launch in  September 2022, helping 245 clients achieve their dream of homeownership in areas  where the program is available.  

This milestone comes just under one year after the launch of the program and 8 months  after KeyBank increased this Special Purpose Credit Program1 by $2,500 to provide  $5,000, toward closing costs and other pre-paid fees that may come with financing a  new home, to homebuyers for the purchase of eligible properties. Additional costs  include mortgage, flood and hazard insurance, escrow deposit, real estate taxes, and  per diem interest for eligible properties.  

“A home is one of the most meaningful purchases a person or family can make. At Key,  we believe that healthy communities are those where all residents have access to  homeownership,” said Dale Baker, president of Home Lending at KeyBank. “We aim to  help our communities thrive by not only bringing awareness to affordable lending  products, programs, and services, but also providing educational support and direct  investment.” 

Recently, KeyBank’s Fair Housing Month Poll found that nearly one-third (31%) of respondents said they did not seek out any information or resources on home buyer assistance programs, which can help reduce barriers to homeownership. KeyBank has worked to bridge that gap through its Special Purpose Credit Programs, a continued commitment to helping all potential homebuyers make their dream of owning a home a reality. In addition to the Home Buyer Credit, the following programs are available for qualifying properties in eligible communities: 

• The Key Opportunities Home Equity Loan provides affordable terms for  borrowers with qualifying properties to refinance their primary residence to a  lower interest rate, consolidate debt, finance home improvements, or tap into 

their equity when needed. This loan features a fixed rate, with no origination fee,  and a first or second lien option for loans up to $100,000. Since the program  began on March 1, 2023, through August 28, 2023, KeyBank funded $4.7 million  in loans, helping 92 clients secure loans for their primary home in designated  communities. 

• The KeyBank Neighbors First Credit is designed to help homebuyers in  qualified areas across Key’s footprint and in Florida by providing up to $5,000 in  credit to be used for closing costs and to pre-paid fees that may come with  financing a new home, including mortgage, flood and hazard insurance, escrow  deposit, real estate taxes and per diem interest. From July 1, 2023 through  August 28, 2023, KeyBank funded approximately $60,000 in Neighbors First  credits, helping 12 clients achieve their dream of homeownership in the qualifying  areas where the program is available. Also, as of August 25, 2023, KeyBank has  $10.8 million in mortgage loan applications for approximately $345,000 in  Neighbors First Credits to assist 71 clients (inclusive of the funded credits shared  above) on their path to homeownership in these locations. 

With both the Neighbors First Credit and KeyBank Home Buyer Credit in place, Key has  purchase credits available in over 9,500 census tracts, covering areas where 10% of the U.S population lives. KeyBank also committed to investing more than $25 million in  grants, fee waivers, and marketing over five years to increase mortgage lending in  majority-minority neighborhoods, as well as more than $1 million to homebuyer  education and other community support. 

Learn more about KeyBank’s home lending opportunities and programs, determine  whether a property qualifies for Special Purpose Credit Programs, or get started on the  journey to homeownership by visiting key.com/communitylending. For details on the  current state of local markets and to answer any questions you may have, including  whether a property qualifies for Key’s Special Purpose Credit Programs, KeyBank  Mortgage Loan Officers are available to help.  

1 Special Purpose Credit Programs are, generally, programs that are established to meet special social  needs or the needs of economically disadvantaged persons by extending credit to persons who would  probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15  U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a). 

KeyBank’s home lending opportunities and programs are subject to change or may be discontinued  without notice.  

ABOUT KEYCORP 

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in  Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services  companies, with assets of approximately $195 billion at June 30, 2023. 

Key provides deposit, lending, cash management, and investment services to  individuals and businesses in 15 states under the name KeyBank National Association  through a network of approximately 1,000 branches and approximately 1,300 ATMs. 

Key also provides a broad range of sophisticated corporate and investment  banking products, such as merger and acquisition advice, public and private  debt and equity, syndications and derivatives to middle market companies in  selected industries throughout the United States under the KeyBanc Capital  

Markets trade name. For more information, visit https://www.key.com/. KeyBank is  Member FDIC. Equal Housing Lender. Mortgage and Home Equity Lending products  offered by KeyBank are not FDIC insured or guaranteed. NMLS #399797  

Copyright © 2023 KeyCorp®. All Rights Reserved CFMA

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