News Summary
The Cleveland Housing Investment Fund (CHIF) is making impactful commitments to affordable housing through its first loans to Walton Apartments and Parkside Homes. Walton Apartments, aimed at seniors, and Parkside Homes, a lease-purchase development, are set to provide crucial housing opportunities in the city. With funding backing and clear objectives, CHIF targets the creation of thousands of homes to meet local needs while also encouraging homeownership. This initiative, announced by LISC, underscores the urgency for affordable living solutions in Cleveland.
Cleveland—The newly launched Cleveland Housing Investment Fund (CHIF) is making significant strides in affordable housing with its inaugural loans awarded to two projects: Walton Apartments and Parkside Homes. The announcement was made by the Local Initiatives Support Corporation (LISC) on October 9, highlighting CHIF’s commitment to addressing housing needs in the city.
Walton Apartments, a 52-unit community designed for residents aged 55 and older, is located in the Clark-Fulton neighborhood. This initiative targets residents who earn between 30% to 70% of the area median income (AMI), thereby ensuring affordable living options for seniors in the area.
The second project, Parkside Homes, is a lease-purchase development that will consist of 55 homes in the neighborhoods of Buckeye, Glenville, and Hough. For the first 15 years, families earning 60% of AMI will have the opportunity to rent these homes before they can purchase them. This approach not only provides immediate housing options but also encourages homeownership in the long term.
The funding amount for Parkside Homes stands at $22.2 million, which includes a $2 million permanent loan that developers will secure upon completion of construction. The financing for this project was finalized by developer CHN Housing Partners on October 2, partly aided by the CHIF fund. Parkside Homes is co-owned by community development organizations Famicos Foundation and Burten, Bell, Carr Development, Inc..
Construction timelines indicate that all 55 homes in the Parkside Homes project are expected to be completed by fall 2026, with early move-in opportunities projected to begin in March. This phased approach aims to quickly house families in need while the overall project is finalized.
Kandis Williams, executive director of LISC Cleveland, has indicated that the projects funded through CHIF reflect the overarching aim of the fund to provide essential financing that stimulates affordable housing availability across the city.
Objectives of the Cleveland Housing Investment Fund
The CHIF was established with an initial financial backbone comprising an $18 million grant from the City of Cleveland and a $20 million investment from KeyBank. The fund aims to create between 2,500 and 3,000 homes throughout Cleveland, including at least 100 homes for sale, specifically targeting residents earning below 80% of the area median income.
Future funding opportunities through the CHIF are expected to provide between $1 million and $5 million per project, utilizing a combination of both debt and equity-like tools to facilitate development. This flexibility is designed to encourage a diverse range of projects aimed at improving housing standards and accessibility in the community.
Engaging Developers
Developers interested in leveraging the CHIF for their projects can connect with LISC Cleveland through direct outreach channels or community engagement events aimed at discussing funding possibilities. Additionally, future announcements regarding CHIF funding will be provided on a rolling basis, ensuring ongoing communication about available resources.
Focus on Long-Term Solutions
With a primary focus on community and economic development, the Cleveland Housing Investment Fund represents a concerted effort to create long-term affordable housing solutions through its initiatives. As these projects unfold, they will play a vital role in shaping the housing landscape in Cleveland, addressing the pressing needs of its residents.
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Additional Resources
- Crain’s Cleveland: LISC Issues First CHIF Loans to Two Housing Projects
- Wikipedia: Affordable Housing
- Cleveland 19: Artist Turns Clark Fulton Walls into Art
- Google Search: Housing Initiatives Cleveland
- Encyclopedia Britannica: Social Housing
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CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton
