On June 27th, Cornerstone teamed up with the Cincinnati ToolBank for the Banking on the Community Event. ToolBank partnered with five local banks to round up volunteers at different sites throughout the city. Cornerstone was chosen as one of the […]
How Renter Equity Improves Our Community
Cornerstone Corporation for Shared Equity is a 501(3) nonprofit organization that finances, develops, and manages affordable apartment housing with Renter EquitySM. We created Renter Equity because people with limited income are not always able to build wealth through owning a home, or realize the other benefits of owning a home and developing a sense of ownership.
With Renter EquitySM, renters work together with the owners of the property in the day-to-day management of the property. Renters take pride in their homes, add value to the property, and accumulate credits in the form of Renter EquitySM while living and participating in Cornerstone communities. When carried out on a broad scale, Renter EquitySM reduces poverty rates through asset development.
Cornerstone and Renter EquitySM demonstrate that wealth building and affordable housing can be addressed simultaneously. The project owner and community as a whole benefit because housing is better maintained, the community is more stable, residents are involved in neighborhood institutions, and crime is reduced.
The Renter EquitySM initiative realigns traditional economic relationships, linking resident-controlled low-income housing with wealth development.
A recent study funded by the Ohio Housing Finance Agency examined Cornerstone Corporation for Shared Equity’s unique property management system in Cincinnati and found that the program provided substantial benefits not only to Cornerstone residents but to the community as a whole.