OUR MISSION
Renting Partnerships creates a new form of community ownership that builds the social and financial equity of low-income and low-wealth households. People can build a nest egg without the resources needed buy a home and the housing stays affordable to them and for future residents. Residents use their financial equity to further long term goals, such as paying rent in emergencies, education, a business, or health care.
DIVIDEND HOUSING
This new form of ownership is called Dividend Housing because it requires a commitment to stay for at least five years and participate in management. Each household earns financial credits, worth up to $10,000 in ten years, as they fulfill their occupancy agreement. Households earn credits in months when the rent is paid on time, an adult member attends the management meeting and responsibilities for upkeep are satisfied. After five years, they are eligible for a payment. Once vested, the head of household can request a check at any time from the finance manager for all or part of the credits they have accrued.
The real estate is developed and owned by a nonprofit organization, Renting Partnerships, so that it stays affordable and so that new residents will always be able to build financial equity. We operate a social purpose investment fund so that individuals and organizations concerned about overcoming racial and economic inequities in housing can fund development at a below-market rate of interest.
The resident households, collectively, fund all of the operating expenses. These include the costs of insurance, taxes, maintenance, administration, orientation/resident meetings, and mortgage debt, plus a reserve for future capital repairs. Funds are also set aside for projected vacancy and turnover expense. This reserve is used to make financial payments to households that stay at least five years.
Management policy is established by the nonprofit and the resident community working together to develop the resident association house rules, procedures for problem solving, and the annual operating budget.
The real estate is developed and owned by a nonprofit organization, Renting Partnerships, so that it stays affordable and so that new residents will always be able to build financial equity. We operate a social purpose investment fund so that individuals and organizations concerned about overcoming racial and economic inequities in housing can fund development at a below-market rate of interest.
The resident households, collectively, fund all of the operating expenses. These include the costs of insurance, taxes, maintenance, administration, orientation/resident meetings, and mortgage debt, plus a reserve for future capital repairs. Funds are also set aside for projected vacancy and turnover expense. This reserve is used to make financial payments to households that stay at least five years.
Management policy is established by the nonprofit and the resident community working together to develop the resident association house rules, procedures for problem solving, and the annual operating budget.
