CIL Secures $45 Million Credit Line Led by KeyBank to Expand National Footprint in Disability Housing Development

PR Newswire

HARTFORD, Conn., April 29, 2025

HARTFORD, Conn., April 29, 2025 /PRNewswire/ -- The Corporation for Independent Living $(CIL)$, 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. Unlike its previous credit line, which imposed geographic limitations, the new agreement with KeyBank removes borders--giving CIL the flexibility to serve providers wherever the need is greatest.

"We were intentional in choosing KeyBank as our lead lender," said Maria Green, Chief Financial Officer at CIL. "Their team understands the complexity and mission-driven nature of our work. With their partnership--and the participation of Webster Bank, Westfield Bank, and Rockland Trust--we have the backing of institutions that believe in our vision and are ready to grow with us."

"This is more than just a financial tool -- it's a platform for impact," said Kent Schwendy, President and Chief Executive Officer at CIL. "Now, we're 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 lease--uniquely aligning its mission with long-term community empowerment.

CIL's 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. "We handle the real estate complexity so they can focus on care."

Attached Graphics: CIL_MA_Home; Suggested caption: A CIL-developed home in Springfield, Massachusetts. Photo credit: Keith Claytor Photography.

About CIL: CIL is a nonprofit real estate developer focused on creating safe, accessible homes for people with disabilities. Working exclusively with nonprofit service providers, CIL has developed hundreds of homes across multiple states and continues to expand its impact nationwide.

To learn more, visit www.cil.org

Media Contact:

Name: Samantha VanSchoick, Vice President of Strategic Partnerships, sam@cil.org, 518-466-1828

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SOURCE Corporation for Independent Living (CIL)

(END) Dow Jones Newswires

April 29, 2025 10:03 ET (14:03 GMT)