Northeast Shores Announces Artist Renter Equity Housing Program
Renting while earning equity? Is that even possible? It is now, thanks to the local non-profit, Northeast Shores Development Corporation. In a partnership with Cincinnati-based company Cornerstone Corporation for Shared Equity, Northeast Shores is launching their newest program known as the Renter Equity Program for local artists. The housing incentive will be Cleveland’s first-ever shared equity program to allow renters who are artists to earn equity while renting a property.
Cornerstone Corporation who conceptualized the first Renter Equity Program, began in 1986 in Cincinnati with the desire to help groups of renters build financial savings that improve the property. The company was the first to develop the idea of renter’s equity where tenants of their properties would earn home equity by adding value through keeping occupancy. Since then, Northeast Shores Development Corporation has been selected to be the first franchisee out-of-Cincinnati to expand the program.
So, how does it work? Tenants will receive $4,136 after five years of residency in the property and can earn monthly equity credit, up to a maximum of $10,000 for ten years. This credit is earned by paying rent on time, community participation, attending resident meetings, upkeep of the common area and adhering to house rules. After five years of residency, occupants then have the option to receive a cash payment and are encouraged to invest their money in other assets, or they can stay in the property to earn even more credit.
Northeast Shores is launching the Renter Equity Program at The Glencove, where artist tenants will receive the opportunity to rent, earn equity and display their work all in the same building. The Glencove is located at 231 East 156th Street, Cleveland, OH 44110 which is a short walk away from the Waterloo Arts District and a 10 minute drive from downtown Cleveland. The entire building has been completely renovated from top to bottom and features six living spaces, and six gallery spaces for the artists’studios and/or galleries. Each unit features modern conveniences such as in-suite washers and dryers, floor to ceiling windows, hardwood floors, off street parking, stainless steel dishwashers, ranges and refrigerators and additional studio space located in the basement of the complex.
To schedule a tour of the building or for more information:
Contact Camille Maxwell at 216-481-7660 ext. 30 or at firstname.lastname@example.org.