CINCINNATI (WXIX) – The City of Cincinnati is sponsoring two homeownership workshops for the community.

The first session was a success with just under 100 residents in attendance. Officials hope Wednesday night’s event will have an even better turnout.

“We’re missing out on creating generational wealth, and that’s really why we’re doing these free workshops,” Cincinnati Vice Mayor Jan-Michele Lemon Kearney said.

She said the city’s homeownership rate was around 38% while the rest of the country was at 64%. The vice mayor said the numbers are even lower for minorities and low-income communities.

“With home ownership, the family accumulates equity so that you can use that equity for whatever you want. You can start a business with it. You can send your kids to college, you can buy a car,” Kearney said.

The city is hosting another free homeownership workshop Wednesday from 5:30 p.m. to 7:30 p.m. at the Evanston Recreation Center located at 3204 Woodburn Avenue Cincinnati, Ohio, 45207.

Officials said residents will now be connected to resources that meet their specific needs.

You can learn more about the following:

• Mortgage and purchase process
• Types of loan
• credit repair
• Down payment assistance
• Rent to own
• Purchase of land

But even if you’re not ready to buy, there’s always common ground for tenants who can learn more about rental equity.

“You are a tenant, but you also perform certain services in your apartment complex that management would normally have to pay for,” Kearney said.

The landlord would put some of your rent in a savings account, and after several years you might have a large sum of money.

To register, visit homesbuildwealth30.eventbrite.com or call (513) 352-5205.

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