CARE Ownership developed a basic, replicable model with unique features to support individuals of low income. The comprehensive CARE Ownership model prepares renters to become property owners with a vested interest in improvement of their building and the neighborhoods around them. Helping low-income individuals build real estate equity as a wealth building strategy creates greater economic benefit for the entire community.
CARE Ownership’s model has been tested and refined over five years on Pittsburgh’s North Side. It focuses on social change, economic justice/empowerment, and community wealth building for those who have never had access to capital.
Here’s how it works.
- Purchases foreclosed, vacant, or distressed multi-family properties in low- income inner city neighborhoods
- Selects individuals to receive three years of free training in renovation, personal & communication skills, tenant management, and entrepreneurial strategic business development.
- Provides the individuals with an apartment at reduced rent during the course of their training.
- Provides the individual who completes the landlord training with assistance in purchasing one of CARE Ownership’s renovated properties at 25-30% below market value and five years of follow-up mentoring.
- Matches individuals with one or more mentors who help guide them as they learn personal financial skills, property management skills, and the business of being a landlord.