Cleveland's quest for equitable and affordable housing has received a significant boon with the launch of the new Cleveland Housing Investment Fund (CHIF), powered by an $18 million grant from the City of Cleveland and a $20 million investment from KeyBank. According to the City of Cleveland announcement, this fund marks a public-private effort to generate $100 million to support diverse neighborhoods, mainly focusing on those traditionally neglected in housing and economic investment.
To combat the increasing rents that outpace many metro areas in the nation, CHIF plans to create mixed-income rental housing and opportunities for homeownership targeted at underrepresented communities. Often excluded from the capital markets, developers founded the CHIF initiative with a $18 million grant from the city. Mayor Justin M. Bibb stated through the City of Cleveland website, "The availability of affordable, quality housing is an intractable challenge that we need strong collaboration to solve."
KeyBank is also stepping up through their Community Development Financial Institution Lending and Investment group with a substantial $20 million commitment. "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," Brian Maddox, National Team Leader for KeyBank CDFI Lending and Investment, told the City of Cleveland publication.
Overseeing the management of CHIF is LISC Fund Management, LLC (LFM). They have been tasked to work harmoniously with the Local Initiatives Support Corporation’s (LISC) Cleveland office, leveraging their expertise in affordable housing and community development. According to the city's press release, LISC’s interim president, Tiffany Durr, praised the venture, signaling an alliance between the public and private sector to tackle the housing crisis. "The public-private partnership in Cleveland demonstrates what is possible when we collaborate," said Durr via the City of Cleveland website.
Kandis Williams, Executive Director of LISC Cleveland, underscored the organization's enduring commitment, noting, "Since opening our first office here in 1981, LISC has remained steadfast in investing in the prosperity of Cleveland neighborhoods." According to the City of Cleveland, Citing a legacy of supporting local organizations, Williams affirmed the CHIF as a crucial instrument in continuing that tradition.
With the City Council's recent legislation passage, CHIF is now poised to seek additional investments and commence the groundwork for affordable housing solutions across Cleveland. "We are proud to support the Cleveland Housing Investment Fund and look forward to playing a role in this important work," City Council President Blaine A. Griffin relayed to the City of Cleveland. As the fund moves forward, it symbolizes an ambitious step toward bridging the gap of housing inequality and fostering communal prosperity.
