CIL Secures $45 Million Credit Line Led by KeyBank
Summary
The Corporation for Independent Living, a nonprofit real estate developer committed to creating community-based housing for individuals with intellectual and developmental disabilities (I/DD), acquired brain injury (ABI), behavioral health conditions and others, has secured a $45 million line of credit with KeyBank featuring a $20 Million-dollar incremental facility. This strategic move allows CIL to work anywhere in the continental United States, marking a major milestone in its goal to become a national leader in disability-focused housing development.CIL will leverage this funding to finance the acquisition, renovation, and construction of community-based homes in partnership with nonprofit service providers. Now, were free to say yes to partners in any state who are ready to build community-based housing.KeyBank is deeply committed to helping clients and communities thrive and we are proud to provide financing for CIL to acquire, build and renovate community-based affordable housing for persons in need of supportive residential facilities, said Matthew Hummel, Market President at KeyBank.Since its founding by service providers over 45 years ago, CIL has helped nonprofits develop homes that enable greater independence, support, and dignity for people who require supportive care. The organization donates the home to the service provider at the end of its leaseuniquely aligning its mission with long-term community empowerment.CILs new national capabilities arrive at a critical moment as the disability services sector faces mounting challenges around staffing, funding, and access to suitable housing.This expansion positions us to be the behind-the-scenes partner providers need, Schwendy said. Working exclusively with nonprofit service providers, CIL has developed hundreds of homes across multiple states and continues to expand its impact nationwide.