Enterprise Community Partners has recently announced the selected properties for its Renter Wealth Creation Fund. This investment opportunity offers residents of affordable housing a chance to gain ownership in their homes. According to Multifamily Dive, Sheridan Ridge Townhomes and Willow Green Townhomes, located just outside of Denver in Arvada, Colorado, are the first properties chosen for this fund. The developer and operator of both sites is Lakewood-based Archway Communities.
The main objective of the Renter Wealth Creation Fund is to provide lower- and moderate-income renters with an avenue to build wealth through housing – a privilege that was previously only available through homeownership.
Thanks to investments from national foundations, banks, and individual investors; residents at Sheridan Ridge and Willow Green will receive cashback payments for paying their rent on time each month. Additionally, Archway will use $1.7 million towards renovations while maintaining current rental rates and income restrictions. In case of any profits upon sale of the project; tenants may also receive a share in equity.
This article discusses an apartment developer’s initiative allowing Denver renters access into property ownership opportunities without mentioning specific names or brands associated with it.
