When thinking about the housing affordability crisis across the country, for many, the benefits of homeownership seem out of grasp. In comparison to homeownership, renting can offer an immediate solution to rising market prices. Over time, however, homeowners ultimately gain access to numerous wealth-building opportunities that have been previously unavailable to renters. Enterprise Community Partners is hoping to change that through their recently launched Renter Wealth Creation Fund, which aims to disrupt this trend by creating three opportunities for upward mobility among renters. Archway is thrilled to announce that we are the inaugural partner for this project, with Sheridan Ridge and Willow Green being the two communities involved.
The Renter Wealth Creation Fund offers three benefits to participating renters: monthly cash back, resident services, and shared appreciation.
Monthly Cash Back
Residents who pay their monthly rent on time will have the opportunity to receive cash back. Through a partnership with Stake, this cash back program was created with the intention of helping renters extend, and even increase, their monthly budgets.
Resident Services
From grant funding made available, resident services will be both established and updated to better meet the needs of the community. From providing financial education to developing youth programming to offering wellness activities, the services supported by this fund will vary from age-specific to age-inclusive opportunities.
Shared Appreciation
Long-term renters will have the potential to earn shared appreciation on the property they reside at. Ultimately, if the renter’s property is either sold or refinanced, the renter will have the opportunity to receive a share of the profits as if they were a homeowner undergoing the same process.
Built in 2003 and 2005, Sheridan Ridge and Willow Green, respectively, are expected to receive $1.7 million in funding for renovations. Under the protection of the Renter Wealth Creation Fund, the rent and income restrictions at both properties will be preserved throughout their respective renovations. Between the two communities, improvements to floors, roofs, windows, and the drainage systems will be made, as well as upgrades to existing security measures.
While the physical effects of the Renter Wealth Creation Fund will be most immediately noticeable, it will not be long before the economic benefits start to accumulate as well. Sheridan Ridge and Willow Green are two communities located relatively close to the Denver Metro area. While this proximity offers convenience to residents, it also puts them up against an expensive, and competitive, housing market. Over time, Archway’s partnership with Enterprise Community Partners will allow residents to participate in wealth-building opportunities that will ultimately aid them in closing the wealth gap that surrounds them.
