Cleveland Launches $100M Initiative to Expand Affordable Housing
Cleveland Mayor Justin Bibb, in partnership with LISC Cleveland, has officially launched the Cleveland Housing Investment Fund (CHIF), a major initiative aimed at expanding affordable housing across the city.
The new fund is kick-started with an $18 million grant from the City of Cleveland and a $20 million investment from KeyBank. The goal of CHIF is to raise a total of $100 million to support the creation of between 2,500 and 3,000 new affordable housing units, including 100 for-sale homes.
Managed by LISC Fund Management, CHIF will provide loans ranging from $1 million to $5 million for new construction, preservation, and neighborhood-scale rehabilitation projects. The fund will also offer technical support to emerging developers to build local capacity and ensure project success.
In addition to financing, CHIF is designed to maximize community impact. For every $6 invested from public sources, the fund aims to generate $100 in broader community improvements.
“By creating the Cleveland Housing Investment Fund, we are not just addressing a pressing need; we are investing in the future of our neighborhoods,” said Mayor Bibb. “We are grateful for the support from KeyBank and excited to partner with LISC, which has a great track record in the creation of innovative programs that lead to successful affordable housing projects.”
This landmark investment marks a significant step in Cleveland’s ongoing efforts to address housing affordability and promote neighborhood revitalization.
