In The News: New Cleveland housing investment fund aims to fill gaps in the market as costs rise (News 5 Cleveland)
By: Michelle Jarboe
Excerpt: CLEVELAND (March 18, 2025) — At a former elementary school on Cleveland’s West Side, the corridors don’t lead to classrooms anymore. Lockers still line the walls. But they’re waiting for tenants – not kids – to stash their stuff.
A local development group is almost done turning the historic Nathaniel Hawthorne School into 37 apartments, with rents starting around $1,100 a month. The goal is to build a community that nurses, schoolteachers and young professionals can afford...
...On Tuesday, Mayor Justin Bibb and officials from the LISC, a national nonprofit community development organization, announced the formal debut of an investment fund designed to meet a deep need for mid-priced housing.
The Cleveland Housing Investment Fund will provide flexible loans – and, in some cases, preferred equity – for developers of rental and for-sale housing. Those investments will be aimed at relatively small projects like Hawthorne, with less than 50 units.
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