Cleveland faces significant housing challenges rooted in historical patterns of disinvestment that have disproportionately impacted low to moderate-income residents and underserved communities. The city’s aging housing stock requires significant repairs in many cases, while neighborhoods that have historically experienced underinvestment, particularly on the East side, are now dealing with rising housing costs and the need for new affordable housing development. These factors have led to concerns about displacement and widening economic disparities, alongside a shift from homeownership to renting for many residents, creating heightened demand for affordable housing options for those earning below 80% of Area Median Income (AMI).
The City of Cleveland has developed a comprehensive 10-year Equitable Housing Plan with ambitious goals to produce and preserve 30,000 affordable housing units by 2030, including 4,500 for-sale homes targeted to residents earning below 80% AMI. The FUSE Executive Fellow will engage with key stakeholders, conduct a landscape analysis of current housing initiatives and financial services, and develop strategic recommendations to ensure low to moderate-income residents have access to the financial tools needed for stable housing. Working with the Office of Bank Relations, the Fellow will shape strategic partnerships with financial institutions, community development financial institutions (CDFIs), and philanthropic organizations to encourage investment in affordable housing projects and develop innovative financial products tailored to Cleveland residents’ needs. The project will result in comprehensive strategies for sustainable access to capital and homeownership, as well as an operational plan for implementation that includes key partnerships, cross-departmental collaboration, and long-term monitoring systems.