KeyBank announced it will provide a total of $12 million in capital to help develop the Niagara City Lofts in Niagara Falls. The adaptive reuse project will convert an existing, abandoned public high school, built in 1923 and vacant since 1986, into 61 units of workforce housing, affordable housing, market rate apartments and a new commercial community space.
The building has been submitted to the National Register of Historic Places for designation as a historic building.
“Our community development lending and investment platform is designed to fund a diverse set of affordable housing options,” said Robert Likes, national manager of CDLI. “We’re very proud to support community developments like the Niagara City Lofts, which will help alleviate a widespread affordable housing crisis in this country. The school building, once renovated, will offer valuable housing to those who need it most and become a source of pride.”
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