LISC Fund Management, LLC (LFM) and its partners have announced the launch of the Cleveland Housing Investment Fund (CHIF), thanks to a generous $18 million grant from the City of Cleveland and a planned $20 million investment from KeyBank. The legislation required for this funding was passed by the Cleveland City Council yesterday.
This public-private partnership aims to invest $100 million in resilient neighborhoods, with a focus on serving underrepresented communities and stimulating economic growth. The CHIF is a collaborative effort between the City, KeyBank, and Local Initiatives Support Corporation’s Cleveland office.
The city’s commitment of $18 million serves as an important foundation for CHIF. Additionally, KeyBank CDLI has pledged another $20 million towards this initiative. According to Brian Maddox of KeyBank: “Our CDFI team’s commitment underscores our dedication to affordable housing solutions that transform communities by providing safe homes for families.” This announcement was originally published on Connect CRE.
