CLEVELAND—The US is short millions of units of needed affordable housing, and KeyBank has decided its now time to make a major expansion in the sector. Key's community, development, lending and investment segment has just brought together six senior-level leaders to focus on affordable housing, lead a team of more than 50 professionals, drive the expansion of Key's affordable housing platform from 12 to 50 states, and double the size of the business in the next three years. Robert Likes, who was named national manager of Key's CDL/I segment in June, will lead the effort.

"Right now, there is an affordable housing crisis in the country, which continues to grow," he tells GlobeSt.com. "In addition to the dire need for new buildings, much of this country's older affordable housing stock is in a position to be renovated and preserved. The need for capital solutions is a virtually unlimited one that we can help fill."

Manhattan-based John Gilmore IV will lead the effort for the the eastern US; Cleveland-based Kelly Frank will head things up for the central US; and Salt Lake City-based Irena Edwards will lead the bank's growth in the western states. Cathy Danigelis and Greg Kiger will remain focused on Key's 12-state footprint, with Danigelis managing the Western region from Seattle, and Kiger managing the Great Lakes and Eastern region from Key's Columbus office. Kevin Nowak remains national equity investment manager for Cleveland-based Key Community Development Corp. Key officials say they anticipate adding more professionals to the team in the next 12 months.

Likes says the team will build relationships with the country's top affordable housing property owner-operators and developers that want to build or preserve affordable housing. Services provided will include construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, agency and HUD mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit financing.

"Affordable housing is perhaps the best performing of all the major property types in the last few decades," Likes adds. "It's very low risk and nearly unlimited demand. At Key we are one of the few banks in the country with a fully integrated platform that brings together balance sheet, equity and permanent loan products to affordable housing owners on a national basis. We've been very successful with affordable housing our footprint and are now taking our solutions to owner-operators across the country."