Everyone deserves safe and decent housing and the opportunity to build wealth. Renter EquitySM is a benefit to renters, owners, and the community. Cornerstone is one of the first nonprofit organizations the United States to develop and manage Renter EquitySM communities. In Cornerstone Renter EquitySM communities:
- Residents participate in the Renter EquitySM program by fulfilling the terms of an occupancy agreement, which includes attending monthly resident association meetings and undertaking responsibility for maintenance of the common areas and landscaping.
- Owners participate in Renter EquitySM by contracting with Cornerstone for management the organization’s residential communities.
- Investors, individuals as well as institutions, can participate in financing Renter EquitySM housing by investing in the Cornerstone Community Loan Fund.
Benefits of Residency in a Cornerstone Community
Renter EquitySM offers the many advantages of home ownership to people who live in affordable rental housing:
- Residents are assured a home for as long as they wish to stay, provided they fulfill the terms of the Cornerstone occupancy agreement.
- Each household is responsible for keeping a section of the community’s common area clean and attractive.
- Each household earns credits in a financial fund that may be withdrawn as a cash after a five-year vesting period. Residents may also use their credits as collateral for a loan.
- The environmental design of Cornerstone’s residential communities promotes community building and safety.
- The resident association establishes operating policies, including house rules.
- The resident has the opportunity to decorate, paint, and upgrade their units at their desire, with approval from management.
- For residents, their units feel more like homestead residences, rather than rental properties.
- The resident is involved in the management of he community and all changes to house rules or community rules are voted on by the residents and are not made by the property-management team.