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Cleveland Housing Investment Fund Commits $38M for Affordable Housing
LISC Fund Management, LLC (LFM) and partners announced the launch of the Cleveland Housing Investment Fund (CHIF), made possible by a transformative $18 million grant commitment from the City of Cleveland and a $20 million planned investment from KeyBank. The legislation required for the City to provide financing to the CHIF was passed yesterday evening by the Cleveland City Council.
The public-private partnership seeks to invest $100 million in resilient neighborhoods with a focus on serving underrepresented communities and stimulating economic growth. The $18 million grant commitment from the City of Cleveland serves as the cornerstone for the CHIF, a collaborative initiative launched by the City, KeyBank, and the Cleveland office of Local Initiatives Support Corporation.
The city’s financial commitment to CHIF is further bolstered by a $20 million commitment from KeyBank CDLI. “Our $20 million commitment from our CDFI team in the Cleveland Housing Investment Fund underscores our commitment to affordable housing solutions that transform communities, providing families with safe places to live and grow,” said KeyBank’s Brian Maddox.
