WHAT IF your community boosted homeownership by creating a ‘wealth accumulation center’?

This post is fifth in a guest series from the Robert Wood Johnson Foundation, about the winners of its 2016 RWJF Culture of Health Prize.

Chris Krehmeyer, president and CEO of the neighborhood development group Beyond Housing, estimates that the 24 municipalities northwest of St. Louis, Mo., known collectively as the 24:1 Community lost 6 or 7 percent of their 15,000 households during the 2008 foreclosure crisis. And eight years later, he says, “We’re still struggling.”

Property values haven’t rebounded, and 24:1 now has more renters than ever, he says. “That doesn’t have to be bad, but there’s strength in homeownership.” Homeowners create stability in a neighborhood because they generally move less than renters, and often they are more invested in the property and the community. Their children are more likely to stay in the same school, and that continuity can benefit students academically and socially.

One can see the decline in homeownership on the street where Pagedale Alderwoman Marla Smith lives. Seven houses on her block are Beyond Housing subsidized rental homes. Three belong to the Housing Authority of St. Louis County. Six houses are vacant. Two have been torn down by the city.

“That leaves maybe six homeowners,” Smith says.

Beyond Housing is working to boost homeownership in 24:1 in a number of ways. Its nonprofit 24:1 Community Land Trust uses a variety of subsidies to make homeownership affordable for people who would otherwise be locked out of the market. Residents own their homes, but lease the land, which is owned by the trust. The houses stay affordable because the trust controls the price owners receive when they sell. Buyers receive financial and homeownership counseling before they buy, and supportive services after they sign the contract.

With its partners Prosperity Connection, a nonprofit financial education provider, and Red Dough, a lender that offers lower-interest alternatives to predatory payday loans, Beyond Housing has established a “Wealth Accumulation Center” in downtown Pagedale. The center offers free financial coaching and classes on home-buying, credit repair, college and retirement savings, and other topics.

“We help people be aware of what they’re doing with their money,” says Financial Education Specialist Evette Baker, “and pave the way to saving so they can have a family legacy.”

>Read more about the 24:1 Community’s journey to a Culture of Health.