Cincinnati looking into program that could help renters become owners [Video]

CINCINNATI — Cincinnati City Council is considering a new program looking to bring renters into the world of owning property.

Money tends to be the biggest barrier to entering the market, whether it’s owning a home or commercial property. A Community Investment Trust would help bridge the gap between renters and owners, especially for those who are considered low to middle-income families.

Here’s how it works: a nonprofit takes out a loan to purchase a property. Then, they set up an investment structure where low-income neighbors can buy shares of the building every month for a low price, between $10 and $100.

“It shows that their credit score is improved, they start using financial planning tools and they get more involved in their neighborhood because they own something there,” said Vice Mayor Jan-Michele Kearney. “It’s not just like they’re renting and thinking about moving, they actually own something, they can …