CLEVELAND — The Local Initiatives Support Corporation (LISC) this week announced the first two affordable housing projects the recently-established Cleveland Housing Investment Fund (CHIF) will help finance.

“Housing is at the center of everything that we do,” LISC CEO Michael Pugh said. “So, we first focus on quality, affordable housing to support communities, particularly communities that are within low to moderate income.”

LISC is a national non-profit that aims to support affordable housing and community development projects across the country. Kandis Williams is executive director of the local chapter in Cleveland, where they launched the CHIF back in March.

“What’s important about that fund is we’re truly focused on affordable housing, both for low income families as well as working families that need a safe place to raise their families,” Williams said.

The fund started with a $28 million dollar investment between Key Bank and the City of Cleveland but aims to raise $100 million to support affordable housing projects in underserved neighborhoods.

LISC this week announced the fund’s first two investments will support Parkside Homes, a development project that aims to create paths to homeownership for families on the east side, and Walton apartments, a senior housing project for those earning 30 to 70% of the area median income.

“We know that by placing folks, families in homes where they can create a space for neighborhood stability, that that’s going to grow and ripple effect into other areas of the community,” Williams said.

Recent reports suggest rent increases in Cleveland are outpacing increases across the country, and the National Low Income Housing Coalition reports the United States has a shortage of around 7 million affordable rental homes.

Pugh said LISC is seeing a need for affordable housing in every city they serve.

“I think the reality is we can’t create or participate in the buildout or preservation of units fast enough,” he said. “Not only here, but across the country. So, the demand is very high, and as soon as units are being made available, people are occupying them.”