Wed Apr 30 10:30:00 UTC 2025: ## KeyBank Funds $35.3 Million Affordable Housing Project in Arizona
**Miami, AZ – April 29, 2025** – A significant boost to affordable housing in rural Arizona has been announced with the completion of financing for the Miami Inspiration Housing project. KeyBank Community Development Lending and Investment (CDLI) has provided $35.3 million in funding, comprising a $13.9 million construction loan and $21.4 million in low-income housing tax credit (LIHTC) financing. An additional $500,000 in soft debt financing was secured from the Arizona Department of Housing.
This 40-unit complex, developed by Chicanos Por La Causa (CPLC), represents the first new affordable housing development in Miami, Arizona, in over 15 years. The project involves renovating a historic 16-unit building and constructing a new 24-unit building. Units will be available to families with incomes between 40% and 60% of the area median income (AMI).
Located near major employers like Freeport McMoRan Mining and Capstone Mining, and close to Highway 60, the development offers convenient access to employment, education, healthcare, and other amenities. Gorman Property Management will manage the complex.
“This project is a critical step in addressing the affordable housing shortage in Miami,” stated [Insert quote from KeyBank representative or CPLC representative if available]. The project underscores the commitment of KeyBank and CPLC to expanding housing opportunities in underserved communities.
First Piper 