Cleveland Housing Investment Fund Celebrates Major Milestone at Depot on Detroit Press Event
A new affordable housing project on Cleveland’s west side is taking shape with help from a city-backed investment fund that has raised more than $50 million in its first year.
The Depot on Detroit development in the Detroit Shoreway neighborhood will bring 60 affordable apartments. The location is walkable from the West Boulevard-Cudell RTA station and local recreation center, something that was done with intention.
City leaders say the location reflects their goal of creating affordable housing in areas that are walkable and accessible to public transportation and other community services.
The development will offer one-, two- and three-bedroom apartments for families earning between about $22,000 and $68,000 a year. Rent will range from about $500 to $1,450 per month.
The Cleveland Housing Investment Fund, or CHIF, contributed nearly $6 million to the project. Developers say the funding was critical to closing the financing gap and moving the project forward.
CHIF was created to speed up affordable housing development by giving developers access to capital that may otherwise be difficult to secure. The fund is managed by the Local Initiatives Support Corporation of Cleveland and is backed by public, private and philanthropic partners, including KeyBank and Huntington Bank.
The fund has a goal of raising $100 million to help create 3,000 new housing units for low- to moderate-income residents. In its first year, CHIF has raised more than $50 million for housing projects.
Mayor Justin Bibb said the city has made progress but still has work to do.
“In just one year, we raised over $50 million of new investment,” Bibb said. “About $50 million short of our goal. So we got more work to do, but also in just one year we have built roughly 216 new units of affordable housing in our city.”
The mayor said future efforts will include modular housing, a recently launched tax increment financing district and what the city says will be the first housing innovation district of its kind in the entire country.
The city has set a broader goal of building 23,000 housing units by 2030, including about 10,000 units designated as affordable.
Read the full news article here: Cleveland's west side to gain 60 affordable housing units with city-backed investment | wkyc.com
Raising over $50 million in a single year is impressive, but I keep comparing it to the slower, more traditional tax credit financing I've seen on similar projects. Does that fund structure let Depot on Detroit move faster, or does it mostly change who carries the upfront risk?
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Seeing the fund hit $50 million in year one makes me wonder how quickly that capital can reach smaller infill projects near transit. A practical next step would be pairing it with predevelopment grants so local builders can move from site control to construction without stalling.
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Seeing a city-backed fund reach $50M in year one stands out against the usual tax-credit timeline, where assembling layers can drag on for years. Does local oversight actually speed approvals, or just move the bottleneck?
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Raising over $50 million in year one is impressive, but it makes me think about how this compares to traditional public housing funding. Those programs often take years of budget cycles before anything breaks ground, while this fund seems to move faster on projects like Depot on Detroit. Curious whether that pace holds as it scales.
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