A Cleveland nonprofit that provides and builds housing for low-income residents has formed a new wing to provide smaller mortgages to prospective homebuyers who have historically been unable to get such loans from bigger banks.

“(CHN Executive Director Kevin) Nowak, who worked for KeyBank subsidiary Key Community Development Corporation before starting at CHN Housing Partners in 2016, said taking on mortgages that small is generally not profitable for the banks because of federal regulations and fees. However, CHN Housing Capital’s ability to provide alternative lending options can fill that gap.”

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