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Chicago & Midwest  + Midwest  + Apartments  |  March 28, 2025
Jasmine Kilman
By: Jasmine Kilman

Cleveland Makes $100M Push for Affordable Housing

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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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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