Good morning, Cuyahoga County. A $38 million investment is breathing new life into Cleveland's housing landscape, with KeyBank committing $20 million to the newly launched Cleveland Housing Investment Fund. This significant financial injection arrives just as the city grapples with affordability challenges in underserved neighborhoods, offering a potential lifeline for residents struggling to find stable housing in an increasingly competitive market.
In stark contrast to these community-building efforts, two very different housing stories are unfolding across the city. While Ohio City residents and Lutheran Metropolitan Ministry remain locked in a two-year legal battle over a proposed youth drop-in center, authorities have shuttered a more nefarious operation at In & Out Tire shop. The East Side business, purchased with drug money, served as the unlikely headquarters for a massive marijuana distribution network that has now earned its owner a 14-year prison sentence – proving once again that in Cleveland, not all business fronts are what they seem.
🌤 Sky Skoop | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
78%
☕️ What's Brewing Locally
🏠 Cleveland launches $38M fund to tackle housing affordability crisis. The Cleveland Housing Investment Fund (CHIF) was officially announced at City Hall on Tuesday, nearly six months after receiving approval from Cleveland City Council. KeyBank's national team leader for CDFI Lending and Investment, Brian Maddox, announced a $20 million commitment to the fund during the press conference. The initiative aims to address affordability issues in underserved areas of the city. Full details of the program were shared with subscribers of Crain's Cleveland Business.
🏠 Ohio City neighbors battle nonprofit over youth drop-in center. The two-year legal dispute centers on Lutheran Metropolitan Ministry's plan to create a facility for homeless youth in a residential neighborhood. Neighbors recently proposed allowing the center to operate temporarily until a permanent location elsewhere is found, with stipulations including redeveloping the property into housing. LMM rejected this offer as "absurd" and "self-serving," arguing they've already created safety plans and made concessions. The case continues in appeals court with briefs due in the coming months.
🚗 Cleveland tire shop owner hid a massive drug empire. Jerry Baker Jr. received a 14-year prison sentence for selling hundreds of pounds of marijuana through his In & Out Tire shop. He purchased the East Side business with $114,000 in drug money, using it as headquarters for his operation. As part of his plea deal, Baker agreed to forfeit the building that served as a front for his criminal activities. Authorities noted that Baker employed violence and threats to maintain control over his drug business.
🏡 Real Estate Reveals
Standard home decent outdoor space: A fairly standard home featuring natural colors, backsplash, and bathroom storage hits the market for $273,000, offering an outdoor area for relaxation that new owners might find pleasant.
Renovated duplex near arts district: For $134,900, this newly renovated 5-bedroom duplex in North Collinwood offers an opportunity for investors or owner-occupants, featuring recent updates and a prime location near Waterloo Arts District and Lake Erie.
Updated income property double lot: Priced at $169,900, this six-bedroom, two-bath home on a double lot offers a fully updated interior, new electrical and plumbing systems, plus the potential for $1,950 monthly rental income from a ready-to-place Section 8 tenant.🗓️ Happenings & Hoopla
|
|