Cleveland City Council Tours Southeast Communities with Key Bank CEO, Applauds Key Bank’s $2.5 Million Investment in the City

Aug 28, 2023

Cleveland City Council Tours Southeast Communities with Key Bank CEO, Applauds Key Bank’s $2.5 Million Investment in the City

On Wednesday, August 23, Council President Blaine A. Griffin (Ward 6) and Council members Joe Jones (Ward 1), Kevin Bishop (Ward 2), and Deborah Gray (Ward 4) hosted KeyCorp CEO Chris Gorman on a tour of Cleveland’s southeast neighborhoods. The members conducted the tour to give CEO Gorman an up-close view of the successes and needs of the housing stock on the City’s southeast side. 

That tour happened before today’s announcement from Key Bank that they will make $2.5 million in grants available for home repairs in neighborhoods often overlooked by traditional lenders. 

Cleveland City Council is committed to addressing housing instability, increasing home ownership, and strengthening the City’s housing stock. To demonstrate that commitment, Council committed more than 10% of the City’s $511 million American Rescue Plan Act allocations to housing. These investments include:

• $35 million to provide increase home ownership by making “gap financing” for affordable and market-rate housing 
• $15 million for demolishing abandoned buildings 
• $7.3 million to supporting housing in the City’s “middle neighborhoods” - neighborhoods on the edge between growth and decline 
• $5 million to Greater Cleveland Habitat for Humanity to increase home ownership
• $2,550,000 for home repairs for senior citizens 

City Council is thankful to CEO Chris Gorman for today’s announcement, and for coming out on the tour to experience an up-close view, lending a sensitive ear, and expressing genuine concern for our neighborhoods.

Council believes this is the beginning of a great relationship and hopes other private sector institutions invest in Cleveland neighborhoods.

The tour aimed to highlight potential lots for investment in strong neighborhoods, homes in need of rehabilitation, and to demonstrate how Council is leveraging American Rescue Plan Act funding to improve neighborhoods on Cleveland’s southeast side and citywide.

Throughout the tour, the council members engaged CEO Gorman in productive discussions about the development initiatives that would attract investors and promote economic growth. They emphasized the importance of quality schools, solid infrastructure, and reliable public transportation in connecting residents to resources and employment opportunities. Additionally, the group recognized the significance of supporting local entrepreneurs and startups, nurturing innovation, and cultivating a thriving business ecosystem.

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