Cleveland Housing Investment Fund (CHIF) Closes on Depot on Detroit
Updated: Mar 6
LISC Fund Management is excited to announce the closing of Depot on Detroit, a 60-unit, new affordable housing community in Cleveland’s Cudell neighborhood. The new development brings long-term affordability to one of the city’s designated Opportunity Neighborhoods. This is a significant milestone for CHIF, as it marks the third project closed within The Fund, which continues building momentum toward expanding high-quality, deeply affordable housing across the region.
Depot on Detroit will bring a large development to Detroit Avenue, a major corridor connecting West Cleveland to Downtown, and steps from public transit. The development is designed to increase access and opportunity for individuals and families earning 30% to 60% of Area Median Income (AMI) by providing residents with convenient access to jobs, education, and essential services through the RTA network. Once complete, the development will feature 60 affordable apartment homes, with on-site property management, and will include 1, 2, and 3-bedroom units, with twelve (12) HUD Section 811 project-based voucher units and three (3) City of Cleveland HOME Fund units.
Depot on Detroit is sponsored by a partnership between Flaherty & Collins Properties and Northwest Neighborhoods CDC. Flaherty & Collins serves as the for-profit developer and managing general partner bringing more than 30 years of experience and a portfolio of over 10,000 units LIHTC, market-rate, and mixed-use units. Northwest Neighborhoods CDC contributes community engagement and administrative expertise. Together, they combine large-scale development capacity with strong neighborhood roots to deliver lasting impact in Cudell.
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, and NEF is syndicating approximately $6.3 million in Federal Low-Income Housing Tax Credits. The developer is also deferring $1.1 million-about 67%-of their developer fee. The commitments bring the total project cost to approximately $20.2 million.
With this closing, CHIF’s total commitments reach $9.76 million across three projects, supported by a strong pipeline of additional affordable housing investments.
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 http://www.lisc.org and www.lisc.org/cleveland
About LISC Fund Management
LISC Fund Management (LFM) invests in communities across the United States through mission-driven investment vehicles on behalf of our private, public, and philanthropic investors. These vehicles leverage the local presence of our parent company, Local Initiatives Support Corporation's, and our team's investment and fund management expertise, creating economic opportunity and changing the lives of individuals and families across the country.
For more, visit www.liscfundmanagement.org
Disclaimer: References made to any third-parties to invest with CHIF are not an approval or endorsement of LFM and/or CHIF. This article is not, and nothing in it should be construed as, an offer to invest in any securities offerings in any jurisdiction.
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