The Renting Partnerships program works like this: Renters in affordable housing units in Cincinnati fulfill commitments in their equity lease agreement, which includes work assignments on the property, timely rent payment, following house rules and participation in resident meetings. This earns them financial credits. Meanwhile, the money saved by low turnover rates and high occupancy is invested in a financial fund. After five years, renters can exchange their credits for cash. Sounds somewhat similar to a limited equity cooperative- just no direct democratic member control, among a few other things. Still, very progressive idea!
Posted on: Mon, 29 Sep 2014 20:33:34 +0000
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