KeyCorp’s (NYSE:KEY) KeyBank and the National Community Reinvestment Coalition (NCRC) has announced a new $25 million partnership aimed at increasing investment in underserved communities.
Under the terms of the partnership, KeyBank will provide $17 million to fund grants, down payment assistance, fee waivers, product and branch expansion and marketing with the goal of expanding credit and assist loan applicants to minority borrowers and residents in traditionally underserved communities. KeyBank and NCRC will be independently responsible for allocating $8.5 million each while KeyBank will provide $8 million to support NCRC’s mission.
“KeyBank have a long history of working together to promote access to credit,” said NCRC in a press statement. “However, in recent years, NCRC has raised concerns about KeyBank’s lending in minority and underserved communities and whether it has kept its promise to be a leader in inclusive home mortgage lending. NCRC’s reports have focused on certain metropolitan areas, including Philadelphia, New York, Hartford, Bridgeport, and New Haven. KeyBank disputes NCRC’s reports, but values its relationship with NCRC and is committed to serving all communities within its footprint.”
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