Margery Spinney, Founder of Renting Partnerships/CUCI
3 months ago by Vernon_Oakes
Vernon interviews Margery Spinney, Founding member of Renting Partnerships/CUCI Renting Partnerships makes it possible for low-income households to build a savings nest egg through long-term residential occupancy and community participation in management. We are like a cooperative for renters. Renting Partnerships is a 501.c.3 nonprofit incorporated in Ohio in 2013 by people with a 15-year history of success in participatory management. HOW IT WORKS Renting Partnerships organizes residents prior to leasing apartments so that they understand the responsibilities and benefits of cooperative management. We purchase or lease housing long-term that is affordable and sublease the units to individual households. After occupancy, each household earns credits monthly by paying rent on time, attending community meetings and completing assignments that keep the property clean and attractive. These credits quality them for rent forbearance in an emergency and a financial payment after five years. Credits can be worth up to $4,000 in five years and as much as $10,000 after 10 years. We are able to make these payments without adding a new cost to the rent because we save money that property managers normally spend on vacancy and turnover expenses.