National Community Benefits Plan Results
We’re Making a Difference in Our Communities
KeyBank’s five-year, $16.5 billion National Community Benefits Plan in Partnership with the National Community Reinvestment Coalition (NCRC) was launched in 2017 and drives investment for low- to moderate-income (LMI) individuals, families, and communities through community development and affordable housing, mortgage and small business lending, and transformative philanthropy.
Through the first four years of the plan, KeyBank has invested more than $18 billion in the communities where we do business, which includes KeyBank’s 15-state footprint from Maine to Alaska.
(Plan progress from January 1, 2017 – December 31, 2020)
Summary of Commitments
KeyBank finances projects that stabilize and revitalize communities. We are one of the nation’s leading affordable housing lenders with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has made substantial investments supporting community development and affordable housing projects, representing an investment of $3.7 billion in 2020.
KeyBank’s mortgage business both originates and services loans. We understand homeownership is a critical factor in building healthy neighborhoods and seek to improve the lives of residents in the communities we serve.
KeyBank’s commitment to homeownership includes banking products that put owning a home within reach for low- to moderate-income individuals. Through the first four years of the plan, KeyBank has provided $3.7 billion in mortgages to LMI neighborhoods and borrowers in urban and rural communities.
The lead product to support these goals is Key Community Mortgage®. This program offers low down payment options and nontraditional credit approval to help clients in all neighborhoods reach the dream of homeownership.
The path to progress and growth includes a bank that understands the challenges of building a small business from the ground up. This challenge is particularly acute in neighborhoods where access to capital has been a challenge. KeyBank continues to grow small business lending in these communities. With more than $2.6 billion in lending to small businesses in urban and rural communities, we have exceeded our targets through the first four years of the plan.
Being part of a community means investing in its success. KeyBank Foundation and First Niagara Foundation are nonprofit charitable organizations focused on transformative philanthropic investments to build stronger communities and improve the quality of life for our neighbors.
In 2020, KeyBank Foundation and First Niagara Foundation made 660 philanthropic investments totaling more than $45 million. Consistent with the Foundations’ strategic pillars of Education, Workforce, and Neighbors, these investments help build meaningful and transformative relationships that will create lasting change in our communities.
The foundations continue to focus on service through volunteerism, with the intention of 500,000 employee volunteer hours in the next five years.
KeyBank continues to offer innovative and responsible retail products and services for the underserved through the development of new products for urban and rural LMI communities, with input from the community.
Expanding our commitment
For decades, KeyBank has opened doors to new homes and new businesses, and we’re not done yet. We’re extending and expanding our community investment commitments to more than $40 billion.
In 2020, Key exceeded the aggregate financial commitments of our $16.5 billion, five-year National Community Benefits plan a full year ahead of schedule by delivering more than $18 billion in lending and investments across our communities since 2017.
Given this momentum and the intensity of the need, we’re extending and expanding our commitment to more than $40 billion to support our communities through economic equity and inclusion. We are continuing our focus on investments in affordable housing, mortgage and small business lending, and renewable energy. We are also continuing our tradition of transformative philanthropy by making investments to improve access to education and workforce development as well as safe and vital neighborhoods.
$36 billion - economic equity and inclusion
KeyBank will continue providing affordable housing, home and small business lending in LMI communities, and transformative philanthropy throughout the markets where we do business. In addition, KeyBank plans to support homeownership by investing in down payment assistance. From hiring and career development to increasing spend with diverse suppliers, KeyBank will continue our long-standing focus on diversity, equity, and inclusion inside and outside the company. KeyBank will also build partnerships with CDFIs focused on serving minority-owned businesses and will develop and deliver financial education in minority and LMI communities.
$4 billion - renewable energy and sustainability
Since 2010, KeyBank has made more than $15 billion in renewable energy investments and was a top provider of renewable energy financing in North America in 2019 and 2020. Our updated commitment will include this long-standing focus to increase KeyBank’s renewable energy financing, as well as accelerating Key’s efforts to reduce our environmental footprint.
With 10 consecutive “Outstanding” ratings for exceeding the requirements of the Community Reinvestment Act, Key has a long-standing commitment to responsible banking, responsible operations, and responsible citizenship.
National Advisory Council
In 2017, KeyBank formed a National Advisory Council, which includes a diverse group of community leaders from across our markets, to help oversee plans to provide transformational and meaningful community investment. The Council consists of 15 national leaders, along with members of KeyBank’s Executive Council and Corporate Responsibility team and is focused on the success and well-being of low- to moderate-income (LMI) communities.
In addition, our Regional Advisory Councils have provided invaluable guidance to help KeyBank serve our most vulnerable populations and underserved communities more effectively. Our Great Lakes, Buffalo, and Capital Region (Albany) New York Regional Advisory Councils include a diverse group of community leaders, who oversee and work in partnership with Key to drive transformational and meaningful community investment.
The Council meets regularly, and stakeholders provide insights on issues facing communities and how KeyBank is positioned to help address those issues.
The ability of KeyBank to meet the goals set forth within the Plan is subject to favorable market and regulatory conditions during the applicable time periods, as well as other assumptions, risks, and uncertainties, many of which are outside of the control of KeyBank.