Cleveland Mayor Justin Bibb and LISC Cleveland have launched the Cleveland Housing Investment Fund (CHIF).
Backed by a $18 million city grant and a $20 million investment from KeyBank, CHIF aims to raise $100 million to create 2,500–3,000 affordable housing units, including 100 for-sale homes.
Managed by LISC Fund Management, CHIF will support new construction, preservation, and neighborhood-scale rehab projects with loans ranging from $1 million to $5 million. It will also offer technical support to emerging developers. Designed to amplify public dollars, CHIF aims to generate $100 in community impact for every $6 invested.
“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.”
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