File photo courtesy of KeyBank

KeyBank, an Ohio-based $195 billion-asset regional bank with a presence in Massachusetts and Connecticut, reported it funded more than $1 million for its special purpose credit program for homebuyers.

Special purpose credit programs are designed to meet special social needs or the needs of economically disadvantaged persons by extending credit and making loan qualification easier for people who would most likely be denied credit or would receive it on less favorable terms, under certain conditions.

KeyBank’s SPC program, which it calls Home Buyer Credits, can provide borrowers with up to $5,000 to provide for their home-related financing needs such as purchase of a new home, mortgage, flood and hazard insurance, escrow deposit, real estate taxes and per diem interest for eligible properties. To date, the bank said, it’s extended credit to 245 people.

“A home is one of the most meaningful purchases a person or family can make. At Key, we believe that healthy communities are those where all residents have access to homeownership,” said Dale Baker, president of home lending at KeyBank. “We aim to help our communities thrive by not only bringing awareness to affordable lending products, programs, and services, but also providing educational support and direct investment.”

KeyBank, in its earlier Fair Housing Month Poll, found that 31 percent of respondents said they did not seek out any information or resources on home buyer assistance programs.

The bank said it aims to bridge this gap through the SPC program, working to reduce barriers to homeownership and supporting potential homebuyers in owning their homes.