Renting Partnerships established its first community in Avondale in 2015. The home is a duplex in the center of this picture. It is master leased from the Coalition for Sustainable Communities (CSC), which renovated the property in 2015. According to the terms of the master lease, RP funds the operating costs and guarantees a fixed monthly income to CSC. We also fund a reserve for capital improvements. Our contract with the residents guarantees their rights and responsibilities for participation in management policy and upkeep. Each household pays $600 for a large 2 bedroom apartment. From April 2015 to December 2016, the residents have each earned $1500 in financial credits.
Our plan is to acquire and rehabilitate vacant and/or delapidated homes within a target area in Avondale. The duplex to the left in this picture is adjacent to the existing Renting Partnerships home which will expand the community. It is owned by the Hamilton County Land Bank. Renting Partnerships is working with the Avondale Comprehensive Redevelopment Corporation (ACDC) to acquire and rehabilitate the building for families on our waiting list. The development cost is projected to be about $238,000; or $119,000 for each of the 1548 square foot units.