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One Nation News to help Twin Cities' renters
by ONN Economic Development Staff

Minnesota has the worst racial housing disparity in the US. Even the Star Tribune editorial board recognized it as horrible, which is remarkable because the Star Tribune lamented north Minneapolis having too much low-income housing. Affordable housing units are being awarded to young, white artists instead of black working class people struggling to find homes.

Section 8 waiting lists have been closed for almost a year. Rents have skyrocketed, unlawful detainers and foreclosures from the housing crisis have blocked thousands of black Minnesotans from homes. Many black Twin Citians don’t even try to rent because they can’t afford the non-refundable background check fee, which can be as high as $300.

Combine all of this with a black unemployment rate that is four times higher than that of white Minnesotans and you have a blueprint for two things: an exodus of black Minnesotans or catastrophic homelessness.

What we can’t do alone, let’s do together. We don’t need another housing study to enrich some well-connected consulting group. Let’s fix the problem ourselves.

What is the worst part of renting for you?
 
onenationnews.com ONN


Here’s a solution. Pool our money and make rental loans to black Twin Citians seeking to rent. Rental loans are a full year’s rent plus deposit. And, instead of checking credit scores to make the loans, we create a community score. We will vouch for our own members’ character and employment.

The apartment managers will get their money upfront so a credit check is moot; the renters establish a good history and pay back the loan on a monthly basis – the same as paying rent except without the hassles of credit checks and gigantic deposits.

Here’s how it would work. A rental loan company is created – let’s call it Jamar.
• One hundred black Twin Citians apply for rental loans from Jamar.
• Jamar asks the community if they will pay back their loans on time. The community says, ‘Yes’ for each of them.
• Their average rent is $2,000/month with a $500 deposit. That is $2,450,000.
• The rental loan company pays the entire rent and deposit for each renter - $24,500.
• The renters move in without worrying about a deposit or credit check.
• The renters pay Jamar $24,500 in 12 installments, plus a 13th payment that goes into the pool to benefit other renters.
• Those 100 renters paid back $2,654,171, so ANOTHER 100 black Twin Citans can use Jamar’s services.
• And, Jamar doesn’t have to do it alone. Churches, mosques, community groups, families, businesspeople can create their own rental loan agencies.

If you see the need for this idea there are five ways you can make it a reality.

1. Apply for a rental loans. The first loans will come out of this pool of people. Text 7632056751. Keyword: RENTER
2. Donate for rental loans. Text 7632056751. Keyword: DONATE. This is not currently tax-deductible.
3. Volunteer your services for this project. Text 7632056751. Keyword: VOLUNTEER
4. Share this article with your pastors and imams so churches and mosques can join in and help.
5. Copy the URL for this article and share it on your social media channels. Talk about it. Make it better. Make it yours.

 





 
 

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