SVP, Head of Equity Acquisitions KeyBank Community Development Lending and Investment
The U.S. has long been in the thralls of an affordable housing crisis, with a shortage of more than 7 million rental homes for people living at or below the federal poverty line. In the aftermath of the pandemic, supply shortages, inflation and rising interest rates have made the problem even worse. And it has also made the job of Victoria O'Brien, head of equity acquisitions KeyBank community development lending and investment, even more challenging.
O'Brien has spent the bulk of her banking career in loan originations. She spent close to four years at Boston Capital working in originations before joining KeyBank in June 2014. She was promoted to her current position in December 2020. KeyBank is the fourth largest affordable housing lender in the country.
As the leader of an eight-member team, O'Brien drives direct equity investment production with a primary focus on low income housing tax credit (LIHTC) investments, as well as balance sheet lending, mortgage banking, deposit gathering, fee income and contribution margin responsibility through focused, mission-based tax credit investments across all 50 states. She also works to ensure the bank continues to receive outstanding Community Reinvestment Act ratings.
Every time housing and associated costs go up, O'Brien and her team has to reevaluate the financing structure. The LIHTC is the most successful public-private partnership in the history of affordable housing and accounts for 80% of all affordable housing developed in the U.S. Despite the unprecedented challenges facing O'Brien's team, the group closed nearly $500 million in equity financing for affordable housing, achieving more than 40% growth over last year's production and 140% since she assumed the position in 2020.
O'Brien is active in the bank's collaboration with two large affordable housing developer clients to support JumpStart's annual "Read for the Record" literacy campaign. Jumpstart, which is focused on educational opportunities for young children — particularly low-income children — brings together millions of young readers around the world to read the same book on a single day. O'Brien spearheaded an initiative to distribute the Read of the Record book to affordable housing communities in KeyBank's Connecticut, Massachusetts, New York and Pennsylvania markets.
