The Annie E. Casey Foundation has announced a $3 million impact investment in the Renter Wealth Creation Fund, which aims to preserve affordable housing while helping renters build assets and savings.

Managed by Enterprise Community Partners, the fund partners with other affordable housing organizations, particularly those owned or led by people of color, to acquire multifamily properties. The fund provides residents with on-site services such as job training programs, financial literacy classes, and after-school tutoring as well as a cash-back rewards program for on-time payments. In addition, tenants who have lived in a fund property for four consecutive years and have complied with the terms of their lease will have an opportunity to share in the profits when their building is sold or refinanced, with 80 percent of the fund’s profit on a proper­ty to be distributed to eligible residents.

“Stable housing is critical to children’s success later in life,” said the Casey Foundation’s direc­tor of impact investments Tracy Kartye. “The properties acquired by the Renter Wealth Creation Fund not only will be affordable for low- and moderate-income families but also will provide a range of benefits that support their upward economic mobility.”

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