A major investment in Western Pennsylvania will potentially help close the racial homeownership gap.
The effort is aimed at helping increase financial stability and homeownership throughout the region with a focus on Black individuals and families who have historically had inequitable access to homeownership, according to the new release. In 2021, KeyBank announced a $40 billion commitment to elevate the community their customers are in.
“Doing our part to address social justice and racial equity, increasing environmental concerns, and an international pandemic with disproportionate impact on low- and moderate-income communities is both an opportunity and an obligation,” said Chris Gorman
Chairman, Chief Executive Officer, and President, KeyCorp in a 2021 announcement. “Creating shared value with the communities we serve means facing head on the issues we have long been working to address. These systemic issues must be addressed collectively – inside and outside our company – to drive the outcomes we want to create.”
Through the initiative, 160 buyers will receive down payment and closing cost assistance, and 50% of down payment assistance will go to Black buyers, according to the official announcement.
“KeyBank’s purpose is to help the communities we serve thrive. Accessibility to homeownership is a crucial element of thriving communities,” said Victor Laurenza, KeyBank Western Pennsylvania Market President in a statement. “We are excited to partner with and support NeighborWorks Western Pennsylvania in their mission of promoting stable, vibrant communities by providing equitable and comprehensive homeownership services.”
“This grant provides sustainable support for first-time buyers at all stages of purchase readiness, including those with major barriers to homeownership. KeyBank’s investment shows a commitment to closing the staggering racial wealth gap in Western Pennsylvania,” said Colin Kelley, CEO of NeighborWorks Western Pennsylvania. “We look forward to partnering with KeyBank over the next four years to promote equitable access to homeownership in our region.”