The Renting Partnerships leadership has been hard at work raising funding to acquire and redevelop their existing 2 units and 2 additional units next door (pictured above) in Cincinnati's Avondale Neighborhood. Excitingly, our team submitted this Dividend Housing project for the city’s NOFA funding opportunity and has been conditionally recommended to receive $124,000 from the City's Department of Community and Economic Development for this 4 unit project.
The total project cost is $278,000 with other project funding sources identified as the Cincinnati Development Fund, The Port, and our FIRST social impact investors. We anticipate to have all of the financing finalized by the fall!
One of our first social impact investors who recently joined our Renting Partnerships working group shared what inspired her to invest: “My 'aha' moment was that Renting Partnerships actually provides 2 products: one is the process that allows renters to build equity and the other is the property management concept that builds community. Once I understood more about Carol and Margie’s experience managing over 50 units using this model I realized it involves at least 2 products: the exchange of equity for shared property management with the residents AND building community through the monthly meetings, I thought ‘this is truly amazing, and no one else is doing this!’ Providing equity is the easy part; the strengthening of community and the potential for a better life can't be purchased.”
If you would like to learn about future social impact investment opportunities, send us an email (maria@cincinnatiunioncoop.org), have coffee with us, or come to one of our working group meetings. We would love to grow our community of socially conscious investors who want to partner with people trying to build a better life for themselves and their community!
