CLEVELAND — October 9, 2025 — LISC Cleveland today announced the first two financing commitments for the Cleveland Housing Investment Fund (CHIF): Parkside Homes, a lease-purchase development of 55 homes that creates a path to homeownership for families on Cleveland’s east side, and Walton Apartments, a new 52-unit community for residents age 55+ in the Clark-Fulton neighborhood.
The investments represent a major milestone in Cleveland’s strategy to expand long-term affordability, increase fair access to quality housing, and strengthen communities of opportunity across the city. CHIF was announced in March by national nonprofit Local Initiatives Support Corporation (LISC), Mayor Justin Bibb and key partners at a City Hall news conference of the major new private investment fund that aims to raise $100 million with the goal of creating thousands of affordable housing units in a City facing an affordable housing crisis.
“Today, CHIF moves from promise to progress,” said Kandis Williams, Executive Director, LISC Cleveland. “With Parkside and Walton Apartments, we’re adding more than 100 homes and demonstrating how flexible capital can close financing gaps, remove barriers to opportunity, and accelerate housing solutions neighborhood by neighborhood.”
Mayor Justin Bibb added: “This is how we build a Cleveland that works for everyone. CHIF is fueling a bold new chapter – meeting the housing shortage by investing in neighborhoods that have too often been overlooked. By combining City support with private and philanthropic dollars, we’re delivering mor than $40 million in community-focused development, and this is just the beginning the impact we are making together.”
A Bold New Tool to Tackle the City’s Housing Crisis
CHIF is a cornerstone of the Cleveland ERA, Mayor Bibb’s bold vision for economic resurgence that creates pathways for everyone to thrive. By unlocking critical capital for housing projects, the fund helps fuel vibrant, inclusive communities where residents can thrive.
Launched in 2025 with an $18 million grant from the City of Cleveland and a $20 million anchor investment from KeyBank, CHIF is a mission-driven, up-to-$100 million fund managed by LISC Fund Management, LLC (an affiliate LISC) in collaboration with LISC Cleveland. CHIF provides flexible, gap-closing financing for affordable, workforce, and mixed-income housing—especially the small- to mid-sized projects that too often struggle to access capital.
Cleveland’s affordable housing crunch is being driven by fast-rising rents and a deep shortage of homes affordable to the lowest-income residents:
- In 2024, Cleveland posted the largest year-over-year rent increase among major U.S. metros (10.6%), squeezing households already on the edge. Crain's Cleveland.
- At the same time, the region has just 25 affordable and available homes for every 100 extremely low-income renter households—a deficit of about 58,000 units—and roughly 79% of these renters are severely cost-burdened (spending 50%+ of income on housing). National Low Income Housing Coalition
CHIF is designed to tackle persistent housing instability across Cleveland neighborhoods by expanding the supply of affordable homes and reducing cost burdens for residents. CHIF aims to create 2,500 to 3,000 homes citywide, including at least 100 for-sale homes, with a focus on serving residents earning below 80% of area median income (AMI). Typical CHIF investments range from $1 million to $5 million per project, using a mix of debt and equity-like tools tailored to each development’s needs.
The First Investments:
Walton Apartments — Affordable Homes for Older Adults (52 Apartments)
Overview: A new-construction community offering 52 apartments for residents 55+ earning 30%–70% the area median income (AMI), located in La Villa Hispana. La Villa Hispana is a cultural and economic district in Cleveland’s Clark-Fulton neighborhood, recognized as the heart of the city’s Latino community. The area celebrates Hispanic heritage while advancing inclusive economic development, entrepreneurship, and neighborhood revitalization.
Amenities include a fitness center with senior-specific equipment, community room with kitchenette, enhanced building and site security, and 18 off-street parking spaces.
Designed to help residents age in place with dignity, Walton Apartments offers long-term affordability, connects residents to health, wellness, and social services, and supports the continued revitalization of this culturally rich neighborhood.
Developer: Völker Development Inc.
CHIF Role: $2.0 million construction and permanent loan
Total development cost: ~$19 Million
“Walton Senior Living expands fair access to quality homes for older adults in La Villa Hispana,” said Greg Baron, Managing Director of Development for Volker Development’s Midwest region. “This project is especially meaningful to me—I spent several years working for a nonprofit community development organization in the Clark-Fulton neighborhood. To now see it come to life, with support from CHIF is deeply rewarding.”
Parkside Homes — Pathway to Homeownership (55 Homes)
Overview: A 55-home, scattered-site, lease-purchase development across Buckeye, Glenville, and Hough, serving families at or below 60% AMI. The new construction development repurposes vacant Land Bank lots, and includes 49 three-bedroom, two-story homes plus 6 single-story accessible homes, and positions residents for ownership at the end of the 15-year compliance period through the nationally recognized Lease Purchase Program operated by CHN Housing Partners. This project supports wealth-building through homeownership and strengthens neighborhood stability with wrap-around resident services including financial coaching and youth programming.
Developer: CHN Housing Partners as developer and majority owner, with Famicos Foundation and Burten, Bell, Carr Development, Inc. as minority owners.
CHIF role: $2.0 million permanent loan at construction completion.
Total development cost: $22.2 million
“Parkside proves what’s possible when we match flexible capital with a proven lease-purchase model,” said Kevin Nowak, President & CEO, CHN Housing Partners. “Fifty-five families will move into brand new, high-quality homes in the coming months and begin their homeownership journey, which closes the wealth gap and strengthens neighborhoods.”
“Affordable housing is foundational to economic mobility and neighborhood stability,” said Celia Smoot, National Team Leader of Fund Investments and Community Development Financial Institutions (CDFI) for KeyBank. “KeyBank is proud to be a founding investor in CHIF, helping to unlock long-term affordability and catalyze development that will benefit Cleveland residents for generations.”
About LISC and LISC Cleveland
LISC is one of the country's largest community development organizations, helping forge vibrant, resilient communities across America. Since its founding in 1979, LISC has invested $32 billion to create more than 506,000 affordable homes and apartments, develop 82.5 million square feet of retail, community, and educational space, and help tens of thousands of people find employment and improve their finances.
For more, visit www.lisc.org and www.lisc.org/cleveland
About LISC Fund Management
LISC Fund Management, LLC (LFM) is a mission-driven impact investment firm that manages $836 million in assets through 12 national and place-based funds across the United States. LFM is dedicated to expanding access to safe, high-quality affordable housing, fostering economic growth, and supporting small businesses and under-resourced communities.
LFM is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and operates as a wholly owned subsidiary of LISC, one of the nation’s largest community development financial organizations. These private funds are available only to eligible investors and are offered solely through their official offering documents.
To learn more about LISC Fund Management, please visit www.liscstrategicinvestments.org/fund-management
To learn more about Cleveland Housing Investment Fund, please visit: liscfundmanagement.org/cleveland-housing-investment-fund
Disclaimer: References made to endorsements by any third-party to invest with CHIF are not indicative of future performance and does 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 Kandis Williams, Mayor Justin Bibb, Greg Baron, Kevin Nowak, or Celia Smooth, are a “promoter” or investor in LISC Cleveland or CHIF, but each is a third-party who is not compensated for this statement. For investor inquiries and more information about LISC Fund Management, LLC, or the Cleveland Housing Investment Fund, please visit https://www.liscfundmanagement.org/cleveland-housing-investment-fund
