The local affiliate of a national nonprofit organization today announced the first of two financing commitments for the new Cleveland Housing Investment Fund (CHIF). Both commitments are long-planned affordable housing developments that will help address the city’s affordable housing crisis.
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Cleveland Mayor Justin Bibb, Cleveland City Council and the Cleveland office of Local Initiatives Support Corporation (LISC Cleveland) announced details today of a major new initiative to address the affordable housing crisis facing Cleveland residents.
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Last evening, a new Cleveland Housing Investment Fund (CHIF) was launched when Cleveland City Council passed legislation that requires the city to provide financing to the new fund. The city’s $18 million commitment leverages $20 million pledged by Cleveland-based KeyBank to boost the development of mixed-income rental housing and home ownership opportunities.
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