After years of operating in Cincinnati, a program that gives residents a stake in the real estate they call home is expanding to Cleveland.
Anna Clark reports: "Cincinnati’s unique experiment in renter equity, which gives apartment-dwellers a stake in the property system, is franchising to other cities. First stop: Cleveland."
The first was the nonprofit Cornerstone Corporation for Shared Equity, which has for several years offered a renter equity program in the Over-the-Rhine neighborhood. Now the Northeast Shores Development Corporation has brought the program to the North Shore Collinwood neighborhood in Cleveland.
Here's how Clark describes renter equity programs:
"Residents fulfill commitments in their lease agreement: work assignments on the property, making timely rent payments, following house rules and participating in tenant meetings. In return, they earn financial credits that they can exchange for cash after five years. The fund is replenished by savings owed to low turnover and high occupancy rates. Renters can earn up to $10,000 over 10 years. They can continue earning credits after they begin withdrawing."
The article also includes the details of how the Cleveland program got its start—the funding, partners, and other support necessary to license the program in Cleveland. Clark also notes, "the nonprofit Renting Partnerships was formed in 2012 by Cornerstone’s former management team with the hopes of scaling up the program."
FULL STORY: Renters Are Getting a Stake in Cleveland Real Estate
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