LISC Fund Management, LLC (LFM) and partners have announced the completion of the Cleveland Housing Investment Fund (CHIF), made possible by an $18 million transformational grant commitment from the City of Cleveland and a $20 million planned investment from KeyBank. We announced the launch. The legislation required for the city to provide financing to CHIF was passed by the Cleveland City Council yesterday evening.
This public-private partnership aims to invest $100 million in resilient regions, with a focus on serving underrepresented communities and stimulating economic growth. The $18 million grant from the City of Cleveland will serve as the foundation for CHIF, a joint initiative initiated by the City, KeyBank, and the Cleveland office of the Local Initiatives Support Corporation.
The City’s financial commitment to CHIF is further strengthened by a $20 million commitment from KeyBank CDLI. KeyBank’s Brian Maddox said, “This $20 million commitment from the Cleveland Housing Investment Fund’s CDFI team is a commitment to create affordable housing projects that transform communities and provide families with safe places to live and grow. It underlines our commitment to housing solutions.”