Believe Mortgage Receives Investment from Cleveland and Gund Foundations

In 2019, CHN created a lending arm Believe Mortgage (formerly known as CHN Housing Capital) with initial support from the Cleveland Foundation, George Gund Foundation and other community stakeholders. Believe was created with the express purpose of tackling the deep mortgage lending disparities in our region for those historically left out of the residential lending market. The creation of Believe was guided by the belief that homeownership is the foundation for upward financial mobility and generational wealth. This belief remains just as true today and with rising interest rates, inflationary pressures, and a competitive housing market, families are facing even greater challenges on the path to homeownership.

We are thrilled to report that this summer, Believe Mortgage received two generous gifts from The Cleveland Foundation ($125,000) and the George Gund Foundation ($100,000) for operational support. These investments demonstrate a deep commitment to the communities we serve and will help Believe scale its highly impactful work. 

The results so far speak for themselves: To date, Believe Mortgage has closed 158 first mortgages totaling over $18M in mortgage lending in our communities. Just as important, our borrowers are the very households we set out to serve: 

• 96% are African American or Latino
• Nearly 50% are female-headed households
• Average household income is about $45,000

We are deeply grateful to the Cleveland Foundation and the George Gund Foundation for their partnership and vision. With their support, Believe Mortgage is well-positioned to continue breaking down barriers to homeownership and building pathways to financial stability for families across our community. 

For more information on Believe’s suite of products, visit our website. To support our work, click here.