KeyBank’s $400,000 Investment in NeighborWorks Boosts Homeownership in Western Pennsylvania
KeyBank is making a $400,000 contribution to NeighborWorks Western Pennsylvania with the aim of enhancing financial stability and homeownership in the area, particularly among Black individuals and families who have been historically disadvantaged in terms of homeownership. This donation is a part of KeyBank’s pledge to invest $40 billion in the communities it serves.
Victor Laurenza, KeyBank Western Pennsylvania Market President, stated that KeyBank’s mission is to assist the communities they serve in prospering. He emphasized that homeownership accessibility is a vital component of prosperous communities and expressed enthusiasm about collaborating with NeighborWorks Western Pennsylvania to promote stable, vibrant communities by offering equitable and comprehensive homeownership services.
Colin Kelley, CEO of NeighborWorks Western Pennsylvania, stated that this grant offers sustainable support for first-time buyers at all stages of purchase readiness, including those facing significant barriers to homeownership. He praised KeyBank’s investment as a commitment to addressing the significant racial wealth disparity in Western Pennsylvania and expressed anticipation about collaborating with KeyBank over the next four years to promote equitable homeownership access in their region.
NeighborWorks will connect potential buyers to housing and financial counseling, homebuyer education, and down payment and closing cost assistance through community-based partnerships. The initiative will also target those residing outside of the Pittsburgh metro area, in rural and suburban communities throughout Western Pennsylvania.
The expected outcomes include:
Victor Laurenza, KeyBank Western Pennsylvania Market President, stated that KeyBank’s mission is to assist the communities they serve in prospering. He emphasized that homeownership accessibility is a vital component of prosperous communities and expressed enthusiasm about collaborating with NeighborWorks Western Pennsylvania to promote stable, vibrant communities by offering equitable and comprehensive homeownership services.
Colin Kelley, CEO of NeighborWorks Western Pennsylvania, stated that this grant offers sustainable support for first-time buyers at all stages of purchase readiness, including those facing significant barriers to homeownership. He praised KeyBank’s investment as a commitment to addressing the significant racial wealth disparity in Western Pennsylvania and expressed anticipation about collaborating with KeyBank over the next four years to promote equitable homeownership access in their region.
NeighborWorks will connect potential buyers to housing and financial counseling, homebuyer education, and down payment and closing cost assistance through community-based partnerships. The initiative will also target those residing outside of the Pittsburgh metro area, in rural and suburban communities throughout Western Pennsylvania.
The expected outcomes include:
- Establishing or renewing partnership agreements with at least 20 nonprofit, development, and business partners.
- Referring 400 potential homebuyers to NeighborWorks through community partners.
- Conducting 550 counseling sessions with potential buyers.
- Ensuring 250 potential buyers complete HUD-certified homebuyer education.
- Providing down payment and closing cost assistance to 160 buyers, either through NeighborWorks or a partner program. Half of the down payment assistance will be allocated to Black buyers.
With this investment, KeyBank has given over $577,000 in support to NeighborWorks since 2017. Since 2017, KeyBank has invested more than $496 million in Pittsburgh and Western Pennsylvania, supporting affordable housing and community development projects; small business and home lending to low-to-moderate income individuals and communities, and transformative philanthropy.
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