VISION: Renting Partnerships' builds wealth for renters through participatory management practices that create and pass on savings to resident households. Americans typically accumulate and store wealth through homeownership. However, not everyone is able to benefit from homeownership. The majority of black households remain renters. Homes in predominantly black neighborhoods do not increase in value as quickly as homes in white neighborhoods. One result is that black wealth barely exists. Read more
Renting Partnerships is not just the name of our organization but a new role for renters that sustains housing, strengthens community and builds wealth. Our model has the potential to reduce social and economic inequalities in society without adding cost to existing programs. If 10% of the units being developed each year with federal tax credits for investors were renting partnerships, the wealth of low income households in the U.S. could increase by $1 Billion in ten years!
MISSION: Renting Partnerships establishes and facilitates participatory management practices in affordable housing that enable residents to earn financial credits. Residents don't buy and sell their homes. Instead, legal agreements define roles and responsibilities for the resident association in setting policy and saving money on operating. Trained facilitators ensure that the resident association and its member households are able to fulfill their agreements and earn credits. Ideally, the housing is owned by a community trust so that it remains permanently affordable and residents have lifetime occupancy. Contact RP for information
The chart below shows the maximum value of credits each household can accrue for 10 years. . Read How It Works
Renting Partnerships prevents homelessness, generates wealth and gives people more control over their own lives. Families are able to become stable, financially independent and invested in their communities.
Margery Spinney created the concept of Renter Equity at Cornerstone Corporation for Shared Equity. With Carol Smith as the community manager, they implemented it in three affordable housing projects, totalling 59 units, developed between 2002 and 2012. During this period, the residents built over $140,000 in equity credits even though incomes averaged less than $20,000. A third party evaluation of Renter Equity during their years at Cornerstone was conducted by the Corporation for Enterprise Development (CFED) and published by the Ohio Housing Finance Agency in 2013. The report confirms -
- "Positive impact on residents' lives in terms of their physical and financial security, their optimism about the future and their ties with their surrounding community."
- "Property management costs similar to comparable Low-Income Housing Tax Credit properties in the neighborhood, even after taking into account the renter equity credit costs."
- "A majority of residents stay five or more years."
- Click here to see the report or to find other media reports about these projects.
Our work is discussed in Yes! magazine.
This home was rehabilitated for Renting Partnerships in 2015 by the Coalition for Sustainable Communities.
More: Current Initiatives
help build community wealth!
You can make a gift or no-interest loan to Renting Partnerships that improves the health and wealth of people and communities that are less fortunate. All donations are tax-deductible. Lenders' principal will be returned when it can be replaced with a new loan. Contact us for more information on how this works
Renting Partnerships: Equity for Renters