Cleveland Housing Investment Fund Reaches $43 Million with New Investment from Fifth Third Bank

Fifth Third commits $5 million in equity to CHIF, deepening investment in equitable housing and neighborhood revitalization

CLEVELAND — February 9, 2026 — LISC Fund Management is honored to announce a $5 million equity investment from Fifth Third Bank into the Cleveland Housing Investment Fund (CHIF), strengthening the fund’s ability to deliver flexible capital for affordable, workforce, and mixed-income housing projects across the city.

Launched in 2024, CHIF is a mission-driven investment fund created to expand housing affordability and neighborhood stability throughout Cleveland. With the goal to raise $100 million in investment capital, the fund received its initial seed capital of $18 million in grant capital from the City of Cleveland and an anchor investment of $20 million from KeyBank.  With the addition of Fifth Third, CHIF has raised $43 million in capital and will be working with other local institutions to raise the balance. The fund is managed by LISC Fund Management, LLC, an affiliate of the national nonprofit Local Initiatives Support Corporation (LISC), in collaboration with LISC Cleveland.

CHIF provides flexible, gap-closing capital, using debt, equity, and equity-like tools targeted to small- and mid-sized projects that often struggle to access traditional financing. The fund aims to create 2,500 to 3,000 homes citywide, including for-sale and rental housing, while prioritizing long-term affordability and equitable development.

Since launching less than one year ago, CHIF has already financed two developments, including Walton Apartments and Parkside Homes, together supporting more than 100 homes across Cleveland. Walton Apartments is a newly built, 52-unit affordable housing

Walton Apartments Groundbreaking

community for residents aged 55+ earning between 30% and 70% AMI, located in the Clark-Fulton neighborhood’s La Villa Hispana district. Developed by Völker Development Inc., the project supports aging in place through accessible design and on-site amenities, with $2.0 million in construction and permanent financing from CHIF. Parkside Homes is a 55-home, scattered-site, lease-purchase development across Buckeye, Glenville, and Hough, serving families earning at or below 60% AMI. Developed by CHN Housing Partners with Famicos Foundation and Burten, Bell, Carr Development, Inc., the project converts vacant land into high-quality homes and pathways to ownership, supported by a $2.0 million permanent loan from CHIF.

The investment from Fifth Third further advances CHIF’s mission to tackle Cleveland’s affordable housing crisis by closing financing gaps, unlocking stalled developments, and expanding access to quality homes, particularly for residents earning below 80% of area median income (AMI). With this investment, along with additional capital yet to be raised, CHIF plans to grow its pipeline, providing flexible financing for more affordable and affordable housing projects that promote long-term stability, strengthen neighborhoods, and deliver much-needed homes for Cleveland residents.

“At Fifth Third, we believe strong communities are built through sustained investment and trusted local partnerships,” said Matt Nipper, Northern Ohio region president for Fifth Third. “This investment helps expand access to capital that will result in safe, affordable housing in neighborhoods where it can make the greatest difference. These resources will fuel economic stability, support families, and strengthen our communities for the long term.”

Through its investment in CHIF, Fifth Third reinforces its long-standing commitment to community reinvestment and equitable growth in Cleveland.

A key component of Mayor Justin M. Bibb’s Cleveland ERA strategy for equitable economic development, CHIF reflects a broader commitment to pairing public investment with private partners to deliver real, lasting impact.

“At the end of the day, housing is about people,” said Mayor Bibb. “Every family in Cleveland deserves a safe, stable, and affordable place to call home. Fifth Third’s investment in CHIF helps us continue to move from intention to impact, supporting quality projects that give families real opportunities to put down roots and build stability in neighborhoods across our city.”

LISC Cleveland, as the local partner for CHIF, is proud to welcome Fifth Third to the fund. With on-the-ground knowledge of Cleveland’s neighborhoods and housing challenges, LISC Cleveland helps identify opportunities where CHIF can have the greatest community impact. Fifth Third’s investment brings additional resources to support equitable housing and neighborhood revitalization, helping ensure that more families have access to safe, stable, and affordable homes.

“We’re grateful to our newest partner, Fifth Third, for their equity investment into the fund”, says Kandis Williams, Executive Director of LISC Cleveland. “Through this investment, CHIF is able to further advance economic stability and growth in Cleveland’s neighborhoods, and most importantly for the residents and families of Cleveland.”

LFM serves as the fund manager for CHIF, responsible for raising capital, overseeing investments, and reporting to investors. In this role, LFM provides strategic oversight and financial management to ensure that CHIF’s resources are deployed effectively, supporting affordable, workforce, and affordable housing developments that address Cleveland’s housing needs. By combining rigorous investment management with a mission-driven approach, LFM helps the fund maximize impact, close financing gaps, and advance long-term neighborhood revitalization across the city.

“As CHIF’s fund manager, LFM leverages Fifth Third’s equity investment to bring innovative, flexible capital into underserved markets. This approach closes financing gaps, supports sustainable development, and delivers long‑term affordability for Cleveland residents.” — Tiffany Durr, LFM President

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.

About the City of Cleveland

The City of Cleveland is committed to putting people and neighborhoods first by delivering high-quality municipal services and advancing meaningful change. Focused on building a stronger and safer Cleveland, the administration is modernizing City Hall to improve outcomes for residents, businesses, and visitors.

Learn more at clevelandohio.gov, follow @CityofCleveland on X (formerly Twitter), or visit facebook.com/CityofCleveland.

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

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Examples of specific discrete investments are included herein to illustrate the investment process and strategies that LFM utilizes. CHIF’s portfolio will contain a much larger number of positions; accordingly, the example is not intended to indicate overall portfolio performance that may be expected to be achieved by CHIF. Examples of investments referenced herein were selected for inclusion based on objective, non-performance based criteria for the purpose of describing the investment processes and analyses LFM uses to evaluate such investments.

References made to endorsements by any third-party to invest with LFM or CHIF are not indicative of future performance and does 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. Justin Bibb and Kandice Williams are not “promoters” or investors in LFM or CHIF, but are third-parties who are not compensated for their statements.

The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LISC Fund Management (LFM), which is a wholly owned subsidiary of LISC. LFM is an investment adviser registered with the United States Securities and Exchange Commission. LFM currently manages $865 million assets under management through 11 national and place-based mission-driven investments funds across the country. To learn more about LFM, please visit https://www.liscfundmanagement.org/