As part of the City’s commitment to innovative housing solutions under the Cleveland ERA, partners across the public and private sectors are advancing new affordable housing developments that strengthen neighborhood stability while expanding opportunity for residents.
LISC Fund Management recently closed on Depot on Detroit, a new 60-unit affordable housing community in Cleveland’s Cudell neighborhood. Located along the Detroit Avenue corridor on the city’s West Side, the development will bring long-term affordability and new investment to one of Cleveland’s designated Opportunity Neighborhoods while helping meet the city’s growing demand for quality housing.
The project represents the third investment through the Cleveland Housing Investment Fund (CHIF), a public-private financing partnership designed to accelerate the development of affordable housing across Cleveland. The fund aims to mobilize up to $100 million in capital to support the creation of thousands of new housing opportunities for Cleveland residents.
Situated along Detroit Avenue — one of the city’s key transit and employment corridors — Depot on Detroit will connect residents to jobs, education, and essential services through the regional transit network operated by the Greater Cleveland Regional Transit Authority. The development is designed to serve individuals and families earning between 30% and 60% of Area Median Income (AMI), expanding access to stable housing in a neighborhood with strong transit access and proximity to economic opportunity.
Once complete, the development will include 60 affordable apartment homes with a mix of one-, two-, and three-bedroom units and on-site property management. Twelve units will be supported through Section 811 project-based vouchers from the U.S. Department of Housing and Urban Development, serving residents with disabilities, and three units will be supported through the City of Cleveland HOME Fund program.
Depot on Detroit is sponsored through a partnership between Flaherty & Collins Properties and Northwest Neighborhoods Community Development Corporation. Flaherty & Collins brings more than three decades of development experience and a national portfolio of over 10,000 housing units, while Northwest Neighborhoods CDC contributes deep community relationships and neighborhood engagement in Cleveland’s West Side communities.
CHIF is supporting the project with a $5.76 million construction-to-permanent loan, complemented by a $2.3 million equity bridge loan from Merchants Bank. The City of Cleveland and Cuyahoga County are contributing nearly $2 million in soft financing, while National Equity Fund is syndicating approximately $6.3 million in federal Low-Income Housing Tax Credits. The developer is also deferring $1.1 million — approximately 67% — of the developer fee, bringing the total project cost to approximately $20.2 million.
With this closing, CHIF’s total commitments now reach $9.76 million across three projects, continuing to build momentum for innovative housing investments that support Cleveland’s neighborhoods, expand housing choice, and ensure residents can benefit from the city’s ongoing economic resurgence.
