CHIF Accelerates Affordable Housing Investments, Crossing Midpoint of $100M Capital Target With $10M Commitment from Huntington Bank
- 7 days ago
- 5 min read
CLEVELAND (June 9, 2026) — Cleveland Housing Investment Fund (CHIF) is expanding its capacity to finance affordable housing developments for people with modest incomes, thanks to a $10 million investment from Huntington Bank, which has increased CHIF’s total capital to $53 million.
The new investment moves CHIF more than halfway toward its goal of securing $100 million to make investments in local housing.
Led by LISC Fund Management, LLC (LFM), a wholly owned subsidiary of the national nonprofit Local Initiatives Support Corporation (LISC), CHIF has already worked with several internal and external stakeholders to help advance more than 200 affordable homes since March 2025. CHIF is a collaboration among the City of Cleveland, private investors, LISC Cleveland, and LFM—all working to fill critical gaps in Cleveland’s housing landscape and fuel economic activity in under-invested neighborhoods.
Its investment in CHIF is part of Huntington’s ongoing commitment to Cleveland communities, including support for the $64 million Warner & Swasey redevelopment in Midtown, which broke ground last week.
“Huntington operates each day with a mission to make people’s lives better and strengthen the communities we serve, and our partnership with community partners like LISC, is always rooted in that mindset,” said Jay Turakhia, regional president with Huntington Bank. “We are honored to contribute to the Cleveland Housing Investment Fund and thank champions such as Mayor Bibb and others working on closing the housing gap in Northeast Ohio. As a community, we are only able to fully thrive when all residents have access to safe, affordable housing.”
CHIF’s growth is critical because of the significant need for capital to build and preserve affordable housing in Cleveland. The City of Cleveland is in the midst of a decade-long housing plan that aims to fuel the construction of 23,000 homes by 2030, while also preserving more than 41,000 homes that are at risk of being lost. As it stands, more than 45 percent of Cleveland’s nearly 1.6 million renters are paying more than they can afford for housing.
“This investment from Huntington Bank is another strong vote of confidence in Cleveland’s future and in our strategy to tackle the housing shortage with urgency and innovation,” said Mayor Justin M. Bibb. “Through the Cleveland Housing Investment Fund, we are working collectively to unlock the capital needed to build and preserve affordable housing across our neighborhoods. This is the Cleveland ERA in action, leveraging partnership, attracting investment, and expanding access to quality housing for every resident.”
All told, CHIF‘s partners aim to raise $100 million to support more than 2,500 affordable homes that will serve as long-term assets for Cleveland families, seniors, and communities. The City of Cleveland seeded CHIF with $18 million, and Key Bank, Fifth Third Bank, and Huntington Bank have invested a combined $35 million of additional capital to support a growing number of housing development and preservation projects.
That pipeline includes Garrett Square Senior Apartments, which opened last year in the Glenville neighborhood, providing 49 affordable homes for aging Clevelanders who have been priced out of market-rate rents. CHIF invested $1 million to strengthen the project’s long-term financial position.
“All the data points to the trajectory of local housing needs and what it means to families and seniors to have stable homes that they can afford,” said Tiffany Durr, president of LFM, who stressed that CHIF is designed to address both availability and affordability challenges.
“We also think about the broader benefits of this capital,” continued Durr. “Housing is a critical driver of economic opportunity and growth. With the right partners, like Huntington Bank, CHIF can support projects that will have a lasting, positive impact, especially in communities that continue to face economic challenges.”
Other CHIF-supported developments include Depot on Detroit, which will bring 60 units of affordable housing to the Cudell neighborhood; Walton Apartments, which will offer 52 rental homes for seniors in the Clark-Fulton community; and Parkside Homes, which is transforming vacant lots to develop 55 lease-to-own homes for families on the city’s east side.
“These projects are part of broader efforts across Cleveland to help residents build stronger financial futures and improve quality of life,” noted Kandis Williams, executive director with LISC Cleveland. “Alongside Huntington Bank and other key partners, we are investing in neighborhoods across the city in ways that strengthen our communities and invigorate our economy. By fueling more housing, businesses, and jobs, we are investing in the long-term health and vitality of our entire region.”
* 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 Jay Turakhia, Mayor Justin M. Bibb, Tiffany Durr, or Kandis Williams is a “promoter” who is compensated for this statement.The investments discussed do not represent all investments made by CHIF. It should not be assumed that any of the investments discussed were or will be profitable, or that investments made in the future will be profitable or will equal the performance of the investments discussed herein. In addition, there can be no assurance that future funds will be able to make investments similar to the historic investments presented herein (because of economic conditions, the availability of investment opportunities and otherwise).
About Huntington Bank
Huntington Bancshares Incorporated is a $285 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates over 1,400 branches in 21 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
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: https://www.liscfundmanagement.org/fund-management
To learn more about Cleveland Housing Investment Fund, please visit: https://www.liscfundmanagement.org/cleveland-housing-investment-fund
About LISC
LISC is one of the country’s largest community development organizations, driving affordable housing and forging vibrant, resilient communities across America. Through innovative, community-centric programs, LISC and its 34 local offices work with residents and partners across the country to close gaps in health, wealth, and opportunity so that people and places can thrive. Since its founding in 1979, LISC has invested $38 billion to create more than 552,000 affordable homes and apartments, develop 88 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.
In Cleveland, LISC has invested more than $21 million in community development, supporting the creation and preservation of 307 homes, the development of 122,613 square feet of community and commercial space, and initiatives that strengthen local businesses and expand economic opportunity. www.lisc.org/cleveland
“Through the Cleveland Housing Investment Fund, we are working collectively to unlock the capital needed to build and preserve affordable housing across our neighborhoods."
- Mayor Justin M. Bibb
“Huntington operates each day with a mission to make people’s lives better and strengthen the communities we serve, and our partnership with community partners like LISC, is always rooted in that mindset,”
- Jay Turakhia, regional president with Huntington Bank.