KeyBank’s $1M Commitment to the Black Home Initiative (BHI)
One of the region’s largest single-organization donations marks a turning point in the movement for Black homeownership.
Last week in Tacoma, KeyBank announced a $1 million investment in the Black Home Initiative (BHI)—its largest regional donation to date. The event brought together leaders from across sectors to recognize the scale of the housing crisis and the strength of the partnerships driving solutions.
Catalytic Funding, Shared Purpose
KeyBank’s $1 million investment represents a significant milestone to the Black Home Initiative (BHI) and its network of over 120 partners. It brings momentum to systems-level change by funding organizations across the housing ecosystem—including 1DROP, whose work will be directly strengthened by this commitment. These dollars help move projects forward, build essential infrastructure, and reinforce the long-term, cross-sector commitment needed to reverse generations of exclusion and underinvestment.
The atmosphere at the Tacoma event reflected the urgency and unity behind this work. Community developers, funders, agency leaders, and residents came together to mark a major milestone and affirm their shared commitment. The gathering reinforced that this is not an isolated effort—it’s coordinated, community-informed, and grounded in accountability.
Confronting the Homeownership Gap
The Black Home Initiative was created to directly confront the racial homeownership gap. In Seattle, Black households own homes at just half the rate of white households. In Tacoma, the disparity is similarly stark. BHI is focused on breaking down the structural barriers that prevent Black families from buying and keeping homes.
The initiative’s goal—creating 1,500 new Black homeowners across South Seattle, South King County, and North Pierce County over five years—demands bold collaboration, new approaches, and deep trust with the communities most affected. That work is already underway, from policy shifts to project pipelines, and this funding helps accelerate the pace.
Where We Go From Here
KeyBank’s investment clears a path, but the road is long. Creating new homeowners, building generational wealth, and reshaping systems won’t happen overnight. But with every new project, every policy shift, and every home that moves from idea to reality, the vision becomes more tangible.
This is what momentum looks like. And this is what it will take.
Speakers shared reflections, commitments, and calls to action during the Tacoma event announcing KeyBank’s investment.
About 1DROP
1DROP is a collective of underrepresented real estate developers addressing the Puget Sound housing crisis. We are committed to empowering underrepresented developers to build housing for all wages, all stages, and all ages while growing access to generational in.
1DROP achieves its mission by, externally:
Advocating for funding for underrepresented developers and their projects.
Advocating for policy solutions that enable more housing.
And internally by providing:
Apprenticeships for aspiring underrepresented developers.
Co-development for emerging underrepresented developers.
Mentorship, networking, resources and support services for all underrepresented developers.
For those inspired to learn more or get involved in supporting equitable housing, visit 1DROP's website to explore our initiatives and join us in making an impact.
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