LISC Fund Management announced on Feb. 20 the closing of Depot on Detroit, a new 60-unit affordable housing community located in Cleveland’s Cudell neighborhood. The development is part of the city’s efforts to expand innovative housing solutions and strengthen neighborhood stability through public and private partnerships.
The project aims to address Cleveland’s growing demand for quality, affordable housing by providing long-term affordability and new investment in one of the city’s designated Opportunity Neighborhoods. Depot on Detroit is the third investment made through the Cleveland Housing Investment Fund (CHIF), which seeks to mobilize up to $100 million in capital for thousands of new housing opportunities across the city.
Depot on Detroit will be situated along Detroit Avenue, a key transit and employment corridor, allowing residents access to jobs, education, and essential services via the Greater Cleveland Regional Transit Authority network. The development will serve individuals and families earning between 30% and 60% of Area Median Income, with twelve units supported by Section 811 project-based vouchers from the U.S. Department of Housing and Urban Development for residents with disabilities, and three units supported by the City of Cleveland HOME Fund program.
The project is sponsored by Flaherty & Collins Properties, which has over three decades of development experience and a national portfolio exceeding 10,000 housing units, alongside Northwest Neighborhoods Community Development Corporation, known for its community engagement in Cleveland’s West Side neighborhoods. Financing includes a $5.76 million construction-to-permanent loan from CHIF, a $2.3 million equity bridge loan from Merchants Bank, nearly $2 million in soft financing from the City of Cleveland and Cuyahoga County, approximately $6.3 million in federal Low-Income Housing Tax Credits syndicated by National Equity Fund, and a developer fee deferral totaling about $1.1 million.
With this latest closing, CHIF has committed $9.76 million across three projects as it continues supporting innovative investments that expand housing choice for Cleveland residents.
