LISC Fund Management, LLC (LFM) and partners are pleased to announce the launch of the Cleveland Housing Investment Fund, 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 Cleveland Housing Investment Fund was passed yesterday evening by Cleveland City Council.

The significant commitments from the City and KeyBank aim to address systemic inequality and discrimination by creating inclusive, affordable housing for Clevelanders. This 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 Cleveland Housing Investment Fund, a collaborative initiative launched by the City, KeyBank, and the Cleveland office of Local Initiatives Support Corporation (LISC). The primary objective of the fund is to cultivate vibrant and resilient neighborhoods within the City of Cleveland through the development of mixed-income rental housing and homeownership opportunities. The Cleveland Housing Investment Fund will provide debt and equity-like funding to neighborhood-scale housing development with a focus on affordability, developers who have historically been excluded from capital markets, and neighborhood impact. Through this strategy, the fund aims to create pathways for wealth generation.

Urgency drives this initiative in Greater Cleveland, where rents are rising at a faster rate than most United States metro areas, and demand has created a pressing need to build more affordable housing for low-income, working-class, and middle-class residents.

“The availability of affordable, quality housing is an intractable challenge that we need strong collaboration to solve. It is critical that we drive private investment in our neighborhoods that have not seen the same level of investment as other areas of the city,” said Mayor Justin M. Bibb. “Establishing the Cleveland Housing Investment Fund as a framework for this effort is a vital step towards tackling the housing challenges Clevelanders face, and I am grateful to the partners for their support.”

Read the full article about the Cleveland Housing Investment Fund at LISC.