Homeownership has long been a way for families to build wealth, find stability and deepen community connections. For that reason, many communities provide public and private investment to make homeownership more affordable. But for decades, efforts to maintain long-term affordability and measure the impact of affordable homeownership programs across the country have fallen short. We’re changing that through the Cornerstone Partnership—a program that supports practitioners, advocates and other housing professionals dedicated to keeping homes affordable and communities strong.
In 2013, the Cornerstone Partnership continued strengthening its leadership in the affordable homeownership field, winning accolades from those in the industry and expanding its impact.
Force for Change Grant
In addition to publicly launching its HomeKeeper program, Cornerstone received a second grant award from the Salesforce.com Foundation to continue to build out cloud-based solutions to help those who manage affordable homeownership programs more effectively track their work and measure their program’s impact. The Force for Change grant is awarded to “some of the most inspirational change agents in the social sector,” said Suzanne DiBianaca, president of the Salesforce.com Foundation. The fact that Cornerstone was selected as a grant recipient two years in a row demonstrates the far-reaching impact the Homekeeper app has had in the industry.
Cornerstone Homeownership Innovation Program
Cornerstone also received a $2 million continuation award from the Social Innovation Fund for its Cornerstone Homeownership Innovation Program (CHIP), which helps build the scale and capacity of homeownership programs nationwide that preserve long–term affordability and community stability.
Funded by both the federal grant and the Ford Foundation, CHIP provides capacity-building grants and technical assistance to shared equity homeownership programs across the country. These programs enable new homebuyers to partner with a government or nonprofit agency acting as a co-investor to reduce homeownership costs. In return, homebuyers agree to limit, or share, their equity appreciation to preserve affordability so that the initial public investment can ultimately serve far more families.