The Archway Communities team at the grand opening of Robinson Place.
Alexandra (AAOA):
We found out about Archway’s supportive programs through the Wealth Creation Fund, which you are inaugural participants in. I’d love for you to explain what it is; it seems so innovative to help renters build wealth.
Georgeanne Barrett (Archway Communities):
It’s always top of mind for us to be doing everything we can to help our residents meet their goals. One of the greatest drivers of wealth creation in our country is homeownership. And unfortunately, that’s out of reach for a lot of the folks. We were approached through our partners at Enterprise Community Partners, a national affordable housing organization that supports organizations like Archway across the country. We were really excited to be the inaugural participants in this innovative fund that gives our residents opportunities to build wealth. We have two properties in Arvada, Sheridan Ridge and Willow Green Town Homes, which incorporate 125
townhomes spread across 13 residential buildings. Renters will get cash back when they pay their rent on time. They can use it to grow their savings, pay down debts, or maybe they want to put it toward eventual home ownership. The other component is that long-term residents will have the chance to share in the appreciation of the property. Renters may be eligible to receive a share of profits when and if the property is ever sold or refinanced. Much like home equity, the shared appreciation will give residents of those two properties the opportunity to create some additional wealth.
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