How
does Cornerstone Community Lending work?
What kinds of projects does Cornerstone Community
Loan Fund support?
What is Cornerstone Renter Equity?
What
is St. Anthony Village?
Who leads Cornerstone Community Loan Fund?
How can I help?
For More Information
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How does Cornerstone community lending work?
Socially concerned individuals and institutions make contributions or loans to the Cornerstone Community Loan Fund. Cornerstone lenders receive a promissory note and their principal back at the end of their term, which is generally five to ten years. The money is pooled and lent at affordable rates to not-for-profit organizations to help fund housing and other real estate development in disadvantaged communities throughout Greater Cincinnati and Northern Kentucky. Anyone can become a Cornerstone investor by mailing a completed form with a check to Cornerstone.
To access the Cornerstone Commitment form, you must have Adobe Acrobat Reader 4.0 or higher. Free download of this software is available by clicking on the icon at the bottom of the page.
(back to top)What kinds of projects does Cornerstone Community Loan Fund support?
During 2001, Cornerstone
helped four groups initiate or complete their housing rehabilitation projects.
- Joseph House –
Cornerstone made a low-interest loan of $50,000 to this not-for-profit
organization to enable it to pay off a construction loan to renovate
housing for homeless alcoholic veterans in long-term treatment. Total
value of building: $105,500.
- Over-the-Rhine
Housing Network – Cornerstone lent the Network $50,000 at low interest
for acquisition of three properties as part of a 20-unit, eight-building
redevelopment plan. Total projected cost of development: $2.3 million.
- ReStoc –
Cornerstone lent ReStoc $80,000 to complete the rehabilitation of six
studio apartments for homeless and low-income individuals. Total project
cost: $284,688.
- Cincinnati Housing
Partners (CHP) – Cornerstone made a $20,000 loan to CHP for use
in construction of a new single family home in Lincoln Heights.
Cornerstone also provided outreach, training and legal services to establish Renter Equity at St. Anthony Village.
(back to top)What is Cornerstone Renter Equity?
Renter
Equity is not owning or renting, but membership in an organization with
a leasing component. Cornerstone organizes and trains groups of households
to cooperatively take on the care and management of their housing. Members
earn "equity credits" each month that rent is paid on time,
they participate in the resident organization, and perform routine maintenance
responsibilities. The credits can be converted to a cash payment through
Cornerstone after five years.
Residents
develop ownership skills, share a supportive community and earn financial
resources that can be used to purchase other assets – such as a home,
an education, a business, or an investment in a retirement fund. Property
owners benefit from reduced operating costs and turnover, plus higher
long-term property value. The community becomes more stable as residents
take greater interest in their housing and neighborhood.
Cornerstone staff helps link projects to other services, provides cooperative education and training programs, and provides assistance to private housing owners and cooperative groups.
For more information about starting a Renter Equity project, contact Cornerstone.
What is St. Anthony Village?
St. Anthony
Village, a 28-unit project in Cincinnati’s Over-the-Rhine, is Cornerstone’s
Renter Equity demonstration project and the first of its kind in the U.S.
The Franciscan Friars of Cincinnati and the Women’s Research and
Development Center have partnered to develop the housing, and Cornerstone
is establishing and managing the Renter Equity program and providing needed
technical assistance.
Apartments are being reserved now, and will be completed in phases, starting in first quarter, 2002. For information about membership in the community and the availability of apartments, please contact Cornerstone.
Who leads Cornerstone Community Loan Fund?
Margery Spinney (mspinney@cornerstoneloanfund.org) is executive director of Cornerstone Community Loan Fund.The Board of Directors of Cornerstone Community Loan Fund includes the following:
Patricia O’Connor, president (vice president, program, Health Foundation of Greater Cincinnati)
Denise Samuel, vice president/secretary (vice president, integration and planning, Great American Insurance Company)
Robert Maly, treasurer (senior vice president, Great American Insurance Company)
Carole Cornelison (village manager, Lincoln Heights)
Kevin Hughes (managing principal, Colliers International)
Jonathan McCann (portfolio manager, Johnson Investment Counsel)
Rea Waldon (professor/faculty advisor, The Union Institute)
Brenda McCullom (senior Equal Opportunity specialist, University of Cincinnati)
Jerry Howard (Unitarian Universalist congregations of Cincinnati)
Larry Williams (St. Anthony Village Renter Equity member)
You can help by putting some of your money to work improving the quality of life in lower-income communities through Cornerstone Community Loan Fund. You can make a loan for nonprofit development, sponsor Renter Equity for families struggling to escape from poverty, or provide operating support for education, outreach and administrative services provided by Cornerstone.
For More Information
For additional information about socially conscious community investing through Cornerstone Regional Loan Fund, contact us at info@cornerstoneloanfund.org.
To access Cornerstone Community Loan Fund forms, click here.
To access Cornerstone forms, you must have Adobe Acrobat Reader 4.0 or higher. Free download of this software is available by clicking on the icon at the bottom of the page.
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How
does Cornerstone Community Lending work?
What kinds of projects does Cornerstone Community
Loan Fund support?
What is Cornerstone Renter Equity?
What
is St. Anthony Village?
Who leads Cornerstone Community Loan Fund?
How can I help?
For More Information
Home
1115
Pendleton Street Suite 2 NW Cincinnati, OH 45210
Phone / Fax: 513.369.0114 info@cornerstoneloanfund.org
