Over the past year, L+M has partnered with Esusu to introduce new programs to our residents that assist in improving financial health and support housing security.
Esusu, a rental data reporting service that helps residents build their credit scores by reporting rent payments to the credit bureaus, offers a way for residents without a credit history to begin establishing one. Esusu only reports positive payments, so residents will automatically be unenrolled if a payment is not received before the due date to avoid negatively impacting their credit score.
A pilot rent reporting program launched in February 2020 at The Miles and The Parker properties in Harlem. Esusu hosted in-person information sessions to inform residents about the program, which resulted in over 20% of the residents enrolling in the program. A month later, the pandemic emerged.
In response to the rise of housing insecurity as a result of the pandemic, Esusu piloted a rent relief fund to support residents severely impacted by COVID-19. The fund, which offers interest-free financing with terms to repay over 12 months, was shared with residents throughout our entire portfolio. If residents participated in the rent relief fund but were unable to maintain the payment timeline, Esusu connected them to a network of community-based organizations and nonprofits for additional financial assistance resources.
Our partnership with Esusu has been a great success – approximately 2,200 residents have enrolled in the rent reporting program, and on average, a resident’s credit score has increased over 20 points. In addition, over 135 residents established new credit scores. We now offer Esusu resources at four additional properties in Manhattan at Dunwell, The Crossing, The Heritage, and Roosevelt Landing, and our next steps are to expand the program to Hahne’s and Walker House residents in Newark.
L+M is proud to partner with Esusu in their mission to provide financial solutions that pave a permanent bridge to financial access and inclusion and provide support to our residents that goes beyond housing.