community home trust presentation to edpp committee
DESCRIPTION
On March 1, 2011, Robert Dowling, executive director of Community Home Trust made a presentation about the history and purpose of Community Home Trust.TRANSCRIPT
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Community Home TrustCarrboro, NC
Mission: To create and maintain permanently affordable housing for
the benefit of our community.
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Community Land Trusts
• Commonly called CLT’s• A hybrid form of home ownership• Homes are conveyed using a 99-year ground
lease• Enables homes to remain affordable in
perpetuity
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CLT Basics
• Ground lease restricts resale prices• Owners earn limited appreciation• Also build equity paying down the mortgage• Often a starter home option
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Benefits to Community
• Home buying opportunities for core employees
• Permanent affordability serves many generations
• Good use of public subsidy• Enable renters to become owners
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About Community Home Trust
• At the behest of local governments, we converted to the community land trust (CLT) model in 2000
• Purpose was to enable homes to be permanently affordable
• Homes are conveyed using a 99-year ground lease
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Permanently Affordable
• Homeowners earn 1.5% annual appreciation
• Homes must be resold to low-income buyers
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Our Buyers
• Target market is 60% to 80% of AMI • Home prices range from $80,000 to $140,000• Primary buyers are public sector employees;
48% are UNC, UNCH or public school employees
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Our Buyers
• 55 owners at 60% AMI or less• 67 between 60% and 70% AMI• 53 between 70% and 80%• 16 between 80% and 100%
• Average income = $36,500• Average age = 38
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Our Homes
• As of December 2010 – 191 homes in affordable housing inventory; 170 of which are in Chapel Hill
• 36 single family homes• 86 townhomes• 69 condominiums
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What is Success?
• The affordable homes “work” for current residents, for surrounding neighborhood and for future residents
• Property values are maintained
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A Home Trust homeowner with her three children. Elizabeth works at a local nonprofit organization.
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A Home Trust homeowner and her children.Evan is an artist, whose life has flourished since becoming a homeowner.
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This family lives in a townhome in Chapel Hill. John serves on the Home Trust Board and is a Project Manager at a locally-based nonprofit.
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Both mother and father are UNC housekeepers. They fled Burma as refugees and now own a home in Chapel Hill.
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A co-housing development in Carrboro, NC.
Home of a Home Trust board member, a former teacher and a current UNC Ph.D. student.
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A home developed by Community Home Trust.
Not an inclusionary home.
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Two inclusionary duplex homes designed to resemble a single-family market rate home.
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A home developed by Community Home Trust.
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An inclusionary condominium building in Chapel Hill.
All 16 units are affordable to households below 100% of AMI.
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A home developed by Community Home Trust.
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A mixed-use development in Chapel Hill that includes 25% affordable condominiums.
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A retired homeowner, happy to be living in a secure, mixed-use development.
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Inclusionary townhomes in Chapel Hill.
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Inclusionary single family homes in Chapel Hill
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A mixed-use condominium development in downtown Chapel Hill.
15% of the units are affordable.
Market-rate condos sell for $500,000 to more than $1 million.
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A young couple happy to be living in a downtown condominium.
Close to work and play.
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A proud Home Trust dad!
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Contact Us
•www.communityhometrust.org• [email protected]• “Like” us on Facebook: Community Home
Trust• Follow us on Twitter: @HomeTrustNC