Project Description

Project:
Community Views Renter Equity program

Grant Award:
$112,000

The mission of the Cornerstone Corporation for Shared Equity is to provide affordable housing and economic opportunities that enable low-income people to live in safe and affordable housing, build the financial assets, and develop management skills needed to be self-sufficient and engaged in the community. The Impact 100 grant supported the expansion of the renter equity program at the 12 units in Community Views; a scattered site development of affordable housing through Over the Rhine Community Housing.

The Cornerstone Renter Equity program was developed so families can earn credits in a financial account as they pay their rent on time, perform janitorial assignments, take care of the grounds and participate in management meetings. Residents conduct monthly meetings to provide a forum for discussion of managing the facility, setting the budget and orienting prospective new residents. Residents can earn equity up to a maximum of $10,000 over ten years which can be withdrawn for any purpose when the resident is fully vested after 5 years.

The Impact 100 grant supported the Renter Equity program at the 12 units in Community Views. Community Views is a scattered site project consisting of 12 units of affordable housing in 6 historic buildings developed by Over the Rhine Community Housing. With Impact 100 funds, the program expanded to include another 9 families in units surrounding Community Views for a total of 43 households participating.

The money for the actual equity paid to residents was generated by savings in the property management of the building. The Impact 100 grant was used for leadership training and management support of residents in this new development.