KeyBank, in partnership with TWG Development, LP, has provided a $7.5 million construction loan for Village of Hope Apartments, a 40-unit permanent supportive housing complex located in Gary, IN. The newly constructed, three-story building targets individuals and families with 30-60% area median income (AMI) and will provide housing to homeless or those at risk of becoming homeless. The units will consist of 21 one-bedroom units, 17 two-bedroom units, and two three-bedroom units. The project will benefit from a Section 8 Housing Assistance Payments (HAP) contract that will provide subsidized rents for all 40 units.
Kelly Frank, Senior Relationship Manager of KeyBank’s Community Development Lending, arranged the financing. TWG is an affordable housing developer headquartered in Indianapolis, IN and provides quality affordable housing throughout the state of Indiana.