Yet another innovative organization in Cincinnati, Cornerstone for Shared Equity is pioneering Renter Equity, a new and nationally recognized program. Through Renter Equity residents are able to build financial savings through participation in management and maintenance of their rental units. Renters invest in their homes similarly to homeowners through Renter Equity, which in turn fosters a caring community and cuts down on crime, trash and renter transience. To the right is the existing, successful St. AnthonyÕs Village developmentÑ22 units of affordable housing built in 2002. ItÕs shared picnic area and lawn is a beautiful, well-kept, shared space in the heart of Over-the-Rhine.
Development is now underway to expand Renter Equity to five adjacent buildings, which will form the new Friar's Court. Read on for more information on this huge undertaking currently underway.
To the left and below are some of the vacant buildings and alleys of the future FriarÕs Court development: 25 units of affordable housing, 17 of which will be completed in 2010. Cornerstone is using a newly trained and motivated construction crew composed of neighborhood residents for most of the rehab. Despite the hurtles that come with rehabbing a building crumbling from decades of neglect, Cornerstone is taking the extra steps to build quailty, safe housing. They are building in extra fire precautions, and preserving the historical elements of the buildings on top of making them energy efficient. Innovative designs by local architects turn the outdated floorplans into lofts. In other photos to the left Executive Director Margie Spinney shows the space that will be the lawn, gardens and parking lot concentrated on Republic and Green Streets. The existing 18 small units currently partially occupied by CMHA voucher holders will be rehabbed into 14 units.
The new units will have everything the current ones lack: air conditioning, storage space, separate living, dining and kitchen areas, defensible outdoor space, and washer and dryers. The crime associated with the first floor corner store will be eliminated. Renovations will improve the quality and safety of the environment and existing housing for residents who wish to stay.
We are excited to support Cornerstone as they continue to promote ground-up and resident control of neighborhoods. Renter Equity and Community come to life!
