Cleveland Housing Investment Fund raises $53M via public-private partnership to develop 2,500–3,000 affordable housing units.

The Cleveland Housing Investment Fund, launched last year with a $100 million goal, has raised $53 million to date through a public-private partnership model. The fund received $18 million in seed funding from the City of Cleveland using surplus American Rescue Plan Act funds, plus commitments of $20 million from KeyBank, $10 million from Huntington Bank, and $5 million from Fifth Third Bank. As of last week, the fund has financed 216 new housing units with an average loan or investment per project of $1 million to $5 million. The fund is managed by LISC Fund Management and focuses on financing rental housing for residents earning less than 80% of the area median income.