Cleveland Housing Investment Fund Launches With Initial $38 Million Commitment To Support Equitable, Affordable Housing
LISC Fund Management, (LFM) and partners have launched the Cleveland Housing Investment Fund (CHIF), backed by an $18 million grant commitment from the City of Cleveland and a $20 million planned investment from KeyBank. The fund aims to invest $100 million in affordable housing and neighborhood development, focusing on underrepresented communities.
The CHIF will provide debt and equity-like funding for mixed-income rental housing and homeownership opportunities, targeting developers historically excluded from capital markets. This initiative addresses Cleveland's rising rents and the pressing need for affordable housing across income levels.
Managed by LFM in collaboration with LISC Cleveland, the fund seeks additional corporate and philanthropic investments. The project represents a significant public-private partnership to tackle housing inequities and promote shared prosperity in Cleveland.
LISC Fund Management (LFM) e i suoi partner hanno lanciato il Cleveland Housing Investment Fund (CHIF), sostenuto da un impegno di sovvenzione di 18 milioni di dollari da parte della città di Cleveland e da un investimento pianificato di 20 milioni di dollari da KeyBank. Il fondo mira a investire 100 milioni di dollari in abitazioni a prezzi accessibili e nello sviluppo di quartieri, concentrandosi sulle comunità sotto-rappresentate.
Il CHIF fornirà finanziamenti simili a debito e capitale per abitazioni in affitto a reddito misto e opportunità di possesso abitativo, rivolgendosi a sviluppatori storicamente esclusi dai mercati di capitale. Questa iniziativa affronta l'aumento degli affitti a Cleveland e l'urgente bisogno di abitazioni a prezzi accessibili per tutti i livelli di reddito.
Gestito da LFM in collaborazione con LISC Cleveland, il fondo cerca investimenti aziendali e filantropici aggiuntivi. Il progetto rappresenta una significativa partnership pubblico-privata per affrontare le disuguaglianze abitative e promuovere una prosperità condivisa a Cleveland.
LISC Fund Management (LFM) y sus socios han lanzado el Cleveland Housing Investment Fund (CHIF), respaldado por un compromiso de subvención de 18 millones de dólares de la ciudad de Cleveland y una inversión planificada de 20 millones de dólares de KeyBank. El fondo tiene como objetivo invertir 100 millones de dólares en viviendas asequibles y desarrollo de vecindarios, enfocándose en comunidades sub-representadas.
El CHIF proporcionará financiamiento similar a deuda y capital para viviendas en alquiler de ingreso mixto y oportunidades de propiedad, dirigiéndose a desarrolladores que históricamente han sido excluidos de los mercados de capital. Esta iniciativa aborda el aumento de los alquileres en Cleveland y la urgente necesidad de viviendas asequibles para todos los niveles de ingreso.
Gestionado por LFM en colaboración con LISC Cleveland, el fondo busca inversiones corporativas y filantrópicas adicionales. El proyecto representa una significativa asociación público-privada para abordar las desigualdades en la vivienda y promover la prosperidad compartida en Cleveland.
LISC 펀드 관리(LFM)와 파트너들이 클리블랜드 주택 투자 기금(CHIF)을 출시했습니다. 이는 클리블랜드 시의 1,800만 달러의 보조금 약속과 KeyBank의 2,000만 달러의 계획된 투자로 지원됩니다. 이 기금은 저렴한 주택과 이웃 개발에 1억 달러를 투자하는 것을 목표로 하며, 소외된 커뮤니티에 중점을 둡니다.
CHIF는 혼합 소득 렌탈 주택 및 주택 소유 기회에 대해 채무 및 자본 유사 자금을 제공하며, 역사적으로 자본 시장에서 배제된 개발자를 목표로 하고 있습니다. 이 이니셔티브는 클리블랜드의 임대료 상승과 모든 소득 수준에서의 저렴한 주택에 대한 시급한 필요성을 해결합니다.
LFM이 LISC 클리블랜드와 협력하여 관리하는 이 기금은 추가적인 기업 및 자선 기부를 추구합니다. 이 프로젝트는 클리블랜드에서 주거 불평등을 해결하고 공유 번영을 촉진하기 위한 중요한 공공-민간 파트너십을 나타냅니다.
LISC Fund Management (LFM) et ses partenaires ont lancé le Cleveland Housing Investment Fund (CHIF), soutenu par un engagement de subvention de 18 millions de dollars de la ville de Cleveland et un investissement prévu de 20 millions de dollars de KeyBank. Le fonds vise à investir 100 millions de dollars dans le logement abordable et le développement de quartiers, en se concentrant sur les communautés sous-représentées.
Le CHIF fournira un financement de type dette et équité pour les logements locatifs à revenus mixtes et les opportunités d'accession à la propriété, ciblant des développeurs historiquement exclus des marchés de capitaux. Cette initiative répond à l'augmentation des loyers à Cleveland et au besoin urgent de logements abordables pour tous les niveaux de revenus.
Géré par LFM en collaboration avec LISC Cleveland, le fonds cherche des investissements supplémentaires d'entreprises et de philanthropes. Le projet représente un partenariat public-privé significatif pour s'attaquer aux inégalités en matière de logement et promouvoir une prospérité partagée à Cleveland.
LISC Fund Management (LFM) und Partner haben den Cleveland Housing Investment Fund (CHIF) ins Leben gerufen, der durch ein Fördermittelengagement von 18 Millionen Dollar der Stadt Cleveland und eine geplante Investition von 20 Millionen Dollar von KeyBank unterstützt wird. Der Fonds hat zum Ziel, 100 Millionen Dollar in bezahlbaren Wohnraum und die Entwicklung von Stadtteilen zu investieren, mit einem Fokus auf unterrepräsentierte Gemeinschaften.
Der CHIF wird Schulden- und kapitalähnliche Finanzierung für gemischte Einkommensmietwohnungen und Eigentumswohnmöglichkeiten bereitstellen, wobei er sich an Entwickler richtet, die historisch vom Kapitalmarkt ausgeschlossen wurden. Diese Initiative reagiert auf die steigenden Mieten in Cleveland und den dringenden Bedarf an bezahlbarem Wohnraum über alle Einkommensschichten hinweg.
Der Fonds wird von LFM in Zusammenarbeit mit LISC Cleveland verwaltet und sucht zusätzliche Unternehmens- und philanthropische Investitionen. Das Projekt stellt eine bedeutende öffentlich-private Partnerschaft dar, um Wohnungsungleichheiten anzugehen und gemeinsamen Wohlstand in Cleveland zu fördern.
- Significant financial commitments: $18 million from City of Cleveland and $20 million from KeyBank
- Aims to invest $100 million in affordable housing and neighborhood development
- Focuses on underrepresented communities and developers historically excluded from capital markets
- Addresses rising rents and pressing need for affordable housing in Cleveland
- None.
Insights
The launch of the Cleveland Housing Investment Fund (CHIF) with
This investment aligns with KeyBank's strategy to maintain its "Outstanding" Community Reinvestment Act rating, which can provide regulatory and reputational benefits. While the
- Enhanced community relationships and potential for future business opportunities
- Positive PR and strengthened brand image in the Cleveland market
- Potential tax benefits or credits associated with community development investments
Investors should view this as a strategic move that reinforces KeyBank's commitment to its communities and sustainable business practices, rather than a significant driver of near-term financial performance.
The Cleveland Housing Investment Fund represents a significant public-private partnership aimed at addressing the critical issue of affordable housing in Cleveland. This initiative is noteworthy for several reasons:
- It targets underrepresented communities and aims to stimulate economic growth in areas that have historically lacked investment.
- The fund's structure, combining public funding with private investment, could serve as a model for other cities facing similar housing challenges.
- The focus on mixed-income rental housing and homeownership opportunities suggests a comprehensive approach to community development.
The involvement of LISC, an experienced community development organization, adds credibility to the project. Their track record in managing similar funds in other cities bodes well for the CHIF's potential success.
However, the
Fund focused on underrepresented communities; seeded with
NORTHAMPTON, MA / ACCESSWIRE / October 4, 2024 / LISC Fund Management, LLC (LFM) and partners are pleased to announce the launch of the Cleveland Housing Investment Fund (CHIF), made possible by a transformative
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
The
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 CHIF 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."
The City's financial commitment to CHIF is further bolstered by a
"Our
The CHIF is managed by LFM, a wholly owned subsidiary of national nonprofit, LISC, in close collaboration with LISC's Cleveland office (LISC Cleveland). LFM manages mission focused investment funds at a national and local level to include similar affordable housing funds in other cities across the country, including Charlotte, Detroit, Dallas, and the Bay Area. The City's decision to partner with LISC was driven by LISC's impressive track record in community development, affordable housing financing, and collaboration with local governments to foster diverse housing opportunities.
"The affordable housing crisis is top of mind for leaders across the country and especially at LISC," said LFM Interim President, Tiffany Durr. "The public-private partnership in Cleveland demonstrates what is possible when we collaborate and use our expertise to leverage significant resources to expand access to affordable housing for all. LISC values its impactful partnership with the City of Cleveland and KeyBank and looks forward to continuing to work together to advance equity and opportunity in the communities our organizations serve."
Kandis Williams, Executive Director of LISC Cleveland, highlighted LISC's longstanding dedication to the Cleveland community. "Since opening our first office here in 1981, LISC has remained steadfast in investing in the prosperity of Cleveland neighborhoods," said Williams. "Through our comprehensive programs and initiatives, we have supported local organizations and catalyzed positive change in the areas of affordable housing, economic development, and financial stability. The CHIF is just one more tool we eagerly anticipate leveraging for the benefit of Clevelanders."
Following yesterday's passage, CHIF will seek corporate and philanthropic investments, work to open an application portal for projects to apply for financing, and begin making affordable housing investments.
"We are proud to support the Cleveland Housing Investment Fund and look forward to playing a role in this important work," said City Council President Blaine A. Griffin. "City Council hears from residents every day about the need for affordable housing and additional investment in our neighborhoods, particularly in those areas that have been historically underserved."
The Cleveland Housing Investment Fund represents a landmark opportunity to address housing inequities and promote shared prosperity in Cleveland for generations to come. Additional information and guidance for developers seeking financing will be provided soon.
###
* References made to endorsements by any third party to invest with LISC or CHIF are not indicative of future performance and do not imply any guaranteed level of service, skill or training. Investors should not rely on endorsements for any purpose and should conduct their own review prior to investing. None of Mayor Justin Bibb, Council President Blaine Griffin, Brian Maddox, Michael Pugh, or Kandis Williams are a "promoter" who is compensated for this statement.
About the City of Cleveland
The City of Cleveland is committed to putting people and neighborhoods first, working to deliver high-quality city services and leading bold change. The City is focused on building a stronger and safer Cleveland and modernizing City Hall to improve outcomes for residents, businesses and visitors. To learn more about the City of Cleveland, visit clevelandohio.gov, X (formerly Twitter) at @CityofCleveland or Facebook at facebook.com/cityofcleveland.
About Cleveland City Council
Cleveland City Council is comprised of seventeen members who are each elected to a 4-year term. A member serves about 25,000 people in their respective ward. Each member serves on one or more committees that discuss and vote on legislation. In 2023, City Council passed more than 1,400 ordinances related to safety, services, economic development, and other quality of life issues. Learn more about Cleveland City Council at clevelandcitycouncil.org. Follow City Council on social media at facebook.com/clecitycouncil, x.com/clecitycouncil, instagram.com/clecitycouncil.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing and community development capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act's passage in 1977.
About Local Initiatives Support Corporation (LISC) and LISC Fund Management, LLC (LFM)
LISC is one of the country's largest community development organizations, helping forge vibrant, resilient communities across America. LISC works with residents and partners to close systemic gaps in health, wealth, and opportunity and advance racial equity so that people and places can thrive. Since its founding in 1979, LISC has invested
For more, visit www.lisc.org and www.lisc.org/cleveland
The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LFM, which is a wholly owned subsidiary of LISC. LFM is an investment adviser registered with the United States Securities and Exchange Commission. LFM currently manages
To learn more about LFM, please visit https://www.liscstrategicinvestments.org/
View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.
Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com
SOURCE: KeyBank
View the original press release on accesswire.com
FAQ
What is the Cleveland Housing Investment Fund (CHIF)?
How much has KeyBank (KEY) committed to the Cleveland Housing Investment Fund?
What is the total investment goal for the Cleveland Housing Investment Fund?
Who manages the Cleveland Housing Investment Fund?
