INFORMATION FOR OWNERS

legal agreement

sddi,One way that Renting Partnerships can provide affordable housing is to partner with a property owner or developer.  A legal agreement defines the roles and responsibilities of each party to each other and to resident households.  The owner funds the development cost and RP funds operating. RP leases the property and subleases to resident households.  The owner receives a fixed monthly income and Renting Partnerships funds upkeep and renter equity payments from rent.  Standards and reporting requirements in the contract ensure that the owner's financial and legal commitments are met.

target audience

The target audience is households who need an affordable alternative to ownership.  Rents must be affordable without rental assistance to households earning between 30% and 80% of median area income, which is considered extremely- low to low income.  In 2013, corresponding incomes were between $16,500 and $44,000.  For a 2 person household living in Cincinnati in 2013, this translates to rents in the range of $400 and $700 a month.  

neighborhood reinvestment and risk management

Renting Partnerships supports community development initiatives in declining, or difficult to develop, neighborhoods by assuming and managing some of the risk.  When rental property owners can not rely on rising values to recoup their investment, they refrain from maintaining and upgrading their property, which contributes to further decline. Renting Partnerships can help turn this around.

Some of the benefits of partnering with RP include:

1.      The Renter Equity Agreement guarantee of income to the owner shifts the risk of finding and maintaining committed residents to Renting Partnerships.

2.      Renting Partnerships sublease attracts people who are seeking an affordable alternative to ownership. These residents themselves become partners by participating in management and upkeep of the property.

3.      Renting Partnerships “focused” approach helps attract investment to nearby properties using best practices in urban design to create a sense of identify and place. 

4.      Long Term commitments (a five year minimum) of each partner hold everyone accountable in providing the stability necessary to raising value in the community.