KeyBank Invests $400K in LISC Toledo's Core City Program to Boost Affordable Housing

KeyBank and the KeyBank Foundation have committed $400,000 to the Local Initiatives Support Corporation (LISC) Toledo in support of its Core City Program. Over the next four years, these grant funds will help cover development gaps of up to $40,000 per project, facilitating the creation of around 15 homes.
 
The Core City Program focuses on revitalizing vacant single-family homes in Toledo's downtown neighborhoods, with goals to:

 
The initiative aims to provide more families in Toledo with access to safe, secure housing, while also enabling them to benefit from the wealth-building opportunities that come with homeownership.
 
Dan Dower, KeyBank Northwest Ohio Market President, emphasized the significance of this investment: "At KeyBank, we are dedicated to initiatives that create meaningful change in our communities. Our support for LISC Toledo’s Core City Program goes beyond housing – it’s about empowering families, increasing homeownership opportunities, and strengthening neighborhoods. By addressing development cost gaps, we’re helping Toledo’s downtown communities grow and thrive, particularly for families of color. We’re honored to support LISC Toledo in this transformative work as we build more inclusive communities together."
 
In 2023, the Core City Program served a population that was 73% Black, Indigenous, People of Color (BIPOC) and 58% female-headed households, with an average income of $40,000. Initially, the target neighborhoods saw home sale prices around $25,000, which have since increased to $70,000, reflecting improved conditions while maintaining affordability.
 
Tom Kroma, LISC Toledo's Executive Director, expressed gratitude for KeyBank's ongoing involvement: "LISC Toledo is thrilled to continue enhancing our Core City Program and strengthening partnerships. We are grateful for KeyBank’s ongoing support and look forward to continuing our work to provide high-quality, stable housing for Toledo residents. This investment is a catalyst for more investment in Toledo’s affordable housing and neighborhood development."
 
To date, LISC Toledo, along with its partners, has invested over $1.4 million in the Core City Program, which has renovated and sold 29 homes, primarily to low-to-moderate-income people of color. Thirteen additional homes are currently in progress, with more planned throughout the year. Over the last two decades, KeyBank and the KeyBank Foundation have contributed over $2 million to LISC Toledo to help foster more resilient and inclusive communities across the Toledo region.