Cornerstone Corporation for Shared Equity
Cornerstone Corporation for Shared Equity (Cornerstone) is a nonprofit 501-c-3 that finances, develops, and manages affordable apartment housing with Renter Equitysm. We created Renter Equitysm because many low-income people are not able to build equity by owning a home. With Renter Equitysm renters and owners work together in the day-to-day management of the property. Renters take pride in their homes, add value to the property, and earn credits in a financial fund. When carried out on a broad scale, Renter Equitysm reduces rates of poverty through asset development.
- Residents participate in Renter Equitysm by fulfilling an occupancy agreement which includes monthly management meetings and responsibilities for upkeep of an area of the property.
- Owners may partner with Cornerstone for development and management of Renter Equitysm projects.
- Socially conscious investors can participate by making a loan to the Cornerstone Loan Fund which helps to finance Renter Equitysm projects.
- Donations enable Cornerstone to replicate and expand the Renter Equitysm concept.
BENEFITS TO RESIDENTS
Renter Equitysm offers many of the advantages of homeownership to people who need affordable rental housing.
- Residents are assured a home for as long as they wish to stay, provided they fulfill the occupancy agreement.
- Each household is responsible for keeping a section of the common area clean and attractive.
- Each household earns credits in a financial fund that may be withdrawn as a cash payment after 5 years. Residents may also use their credits as collateral for a loan.
- The environmental design 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.
- The resident has a feel that their unit is more of their homestead residence, than a rental property.
- The resident is involved in the management system and all changes to House Rules or Community Rules are voted on by the committees and not made by the property management team.
Renter Equitysm realigns residents’ interests with home owners.
- Residents are stable and involved in the community.
- Renter Equitysm housing sustains housing quality and remains an affordable housing resource for generations to come.
- Renter Equitysm residents contribute to making the neighborhood safer and attractive for reinvestment.