On Thursday, October 2, CHN Housing Partners (CHN) announced the closing of Parkside Homes East, a scattered site development in the Glenville, Hough and Buckeye neighborhoods of Cleveland. Comprised of 55 homes, Parkside Homes East is a single-family development spread across three neighborhoods that will provide affordable housing and a path to homeownership through 49 three-bedroom, two-story homes and six three-bedroom, one story accessible homes for families at or below 60% of the area median income (AMI).
"Parkside Homes East is not just a commitment to 55 families, but a commitment to the Buckeye, Glenville and Hough neighborhoods,” said Kevin Nowak, president and CEO of CHN. “Creating homeownership opportunities through developments like Parkside Homes revitalizes and bolsters neighborhoods as well as provides 55 families with an opportunity to achieve the American Dream.”
Parkside Homes East will repurpose vacant lots formerly held by the City of Cleveland and Cuyahoga County Land Banks. This $22 million investment in the Buckeye, Glenville and Hough neighborhoods is primarily funded by the new Ohio Low Income Housing Tax Credit and the 4% Low Income Housing Tax Credit from the Ohio Housing Finance Agency. Additional funding comes from the City of Cleveland, Citizens Bank and Local Initiatives Support Corporation (LISC), through the new Cleveland Housing Investment Fund. Enterprise Community Partners is the tax credit syndicator.
“Homeownership empowers Cleveland’s families by allowing them to build wealth, create community and open doors to opportunities for future generations,” said Mayor Justin Bibb. “Here in Cleveland, we are committed to helping our community achieve homeownership, and Parkside Homes is a wonderful example of that commitment.”
“Parkside Homes East is a great investment in the Buckeye community and will bring 27 more high-quality homes to our community,” said Councilwoman Deborah Gray, who represents Cleveland’s Ward Four. “Access to quality, affordable housing is key to helping our families stabilize and thrive, and I am excited to see the many ways Parkside Homes uplifts our neighborhoods.”
CHN is the majority-owner of Parkside East Homes, with minority ownership being held by Famicos Foundation and Burten, Bell, Carr Development, Inc.
“In Glenville, we believe in the homeownership,” said Councilman Kevin Conwell, who represents Cleveland’s Ward Nine. “I am proud to support Parkside Homes East and am grateful for this investment in 16 families and their path to homeownership.”
Parkside Homes East will be part of CHN’s nationally recognized Lease Purchase Program, which has created homeownership opportunities by successfully transferring more than 1,800 homes to income eligible buyers. This program provides wrap-around services to families to help improve their education, career, and physical and financial health.
“Parkside Homes East will bring 12 new, beautiful homes to the Hough community, and I am proud to support this development,” said Councilwoman Stephanie Howse-Jones, who represents Cleveland’s Ward Seven. “Beyond providing quality, affordable housing, Parkside Homes East offers a pathway to homeownership for Hough residents, an investment in our community that will build generational wealth and change families’ trajectories.”
Parkside Homes East is one of the first developments supported by the Cleveland Housing Investment Fund (CHIF), a $100 million mission-driven investment vehicle managed by LISC Fund Management, LLC, a subsidiary of the national nonprofit Local Initiatives Support Corporation (LISC), in collaboration with its Cleveland office (LISC Cleveland). The Fund launched with a $18 million grant from the City of Cleveland and a $20 million anchor investment from KeyBank. CHIF’s goal is to expand affordable rental and homeownership opportunities, preserve existing housing, and catalyze neighborhood revitalization across the city. By pooling capital from public, private, and philanthropic partners, CHIF provides flexible financing tools that make transformative projects like Parkside Homes East possible.
“Parkside Homes East demonstrates the promise of the Cleveland Housing Investment Fund,” said Kandis Williams, Executive Director, LISC Cleveland. “This development not only creates a pathway to homeownership for 55 families, but it also strengthens entire neighborhoods with renewed stability and opportunity. We are grateful to our initial partners, the City of Cleveland and KeyBank, whose support helped make this Fund possible. As CHIF amplifies investments in affordable housing, we look forward to working with additional partners and investors who share our vision of building stronger communities of opportunity across Cleveland.”
Construction of Parkside Homes East has begun and will be completed in Fall 2026.
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