Renting Partnerships provides opportunities for low-income households to stabilize their lives and build wealth through participation in community-owned housing which remains affordable.
|
As more people choose city living, those less well off are being pushed out of neighborhoods that were once affordable to them, crowding together and paying more than they can realistically afford. Black households are most affected, because their median income is $35,000 less per year than the median income of white households. And, the net worth of black households, including homeowners, is less than 1/10th that of white households. Subsidizing the development of rental housing isn't addressing the underlying problem. We need an alternative form of ownership that allows lower income households to remain in existing neighborhoods, invest in their housing and build financial equity. Renting Partnerships was founded for this.
Renting Partnerships is a nonprofit (501.c.3) that acquires and rehabilitates housing in existing neighborhoods to combat "gentrification." We will not sell the property so it always will be affordable. Residents build financial equity through participation in governance and management. Money budgeted for vacancy and turnover maintenance is saved by committing to long term leases. The savings is reserved to make financial payments to residents that stay at least five years. This system is called Rental Equity. Households earn financial credits each month that they pay rent on time, attend the management meeting and complete work assignments. These can grow up to $10,000 every ten years. Once vested, they are used as savings to weather emergencies such as a layoff, illness or death in the family, eliminate debt, buy or repair a car or achieve other long term goals. |
Income and Wealth disparities between black and white households
|
Compare with Renting & Owning
|
Opportunities & Challenges
The Avondale Quality of Life Plan and Housing our Future, the housing plan for Cincinnati and Hamilton County, both include Rental Equity as a key strategy for maintaining affordable housing in existing neighborhoods. However, large developers and corporate investors still receive almost all of the financial subsidy available for affordable housing development. Public agencies and banks are not prioritizing equity related to the racial wealth gap and economic opportunity, anti-displacement, inclusion, and self-determination for residents. In order to expand the Renting Partnerships model on both a local and national level, we need investors aligned with our values. Contact us to learn more.
|
Videos
