COMMUNITY HOME TRUST

WE COLLABORATE WITH DEVELOPERS TO HELP THEM MEET INCLUSIONARY HOUSING REQUIREMENTS IN CHAPEL HILL AND CARRBORO. WE ACQUIRE AFFORDABLE HOMES FROM DEVELOPERS AND RESELL THEM THROUGH A 99-YEAR GROUND LEASE TO INCOME-ELIGIBLE BUYERS. THIS LEASEHOLD APPROACH ENSURES THAT OUR HOMES REMAIN AFFORDABLE FOR FUTURE GENERATIONS OF LOW-INCOME HOUSEHOLDS.WE ALSO ASSIST CURRENT CHT HOMEOWNERS IN SELLING THEIR HOMES TO NEW INCOME-ELIGIBLE BUYERS.THE GROUND LEASE INCLUDES A RESALE FORMULA THAT DETERMINES HOW MUCH APPRECIATION THE SELLER CAN RECEIVE. WE WORK CLOSELY WITH BOTH SELLERS AND BUYERS TO MAINTAIN THE LONG-TERM AFFORDABILITY OF OUR HOMES.REGARDLESS OF WHETHER WE'RE SELLING EXISTING HOME TRUST HOMES OR HOMES ON BEHALF OF DEVELOPERS, OUR RESPONSIBILITIES ARE THE SAME: WE MARKET HOMES TO PROSPECTIVE BUYERS. WE PROVIDE FINANCIAL COUNSELING, HOMEBUYER EDUCATION, AND PROGRAM ORIENTATION TO EACH BUYER. WE ASSIST WITH SECURING MORTGAGE FINANCING. WE HELP IDENTIFY AVAILABLE SUBSIDY FUNDS WHEN NECESSARY.FOR THE FISCAL YEAR 2023-2024, WE SOLD 15 HOMES AND ACQUIRED 5.

ON MARCH 1, 2024, CHT OFFICIALLY ADDED FIVE HOMES ON OPEN AIR CAMP ROAD IN DURHAM TO ITS PERMANENTLY AFFORDABLE HOUSING INVENTORY. THE RESIDENTS, MEMBERS OF THE ENO RIVER TENANTS' ASSOCIATION, HAD LONG SOUGHT TO SECURE THEIR HOMES THROUGH A LAND TRUST MODEL. PLANNING IS NOW UNDERWAY FOR SIGNIFICANT RENOVATIONS, WHICH WILL BE FINANCED BY A GRANT FROM THE OAK FOUNDATION AND A LOAN FROM THE DURHAM AFFORDABLE HOUSING LOAN FUND. MANY OF THE CURRENT TENANTS, SOME OF WHOM HAVE LIVED IN THESE HOMES FOR NEARLY TWO DECADES, WILL REMAIN IN PLACE, WITH THE OPTION TO BECOME HOMEOWNERS THROUGH CHT'S LAND TRUST HOMEOWNERSHIP MODEL.CHT HAS PARTNERED WITH LAZARUS REPAIR AND MAINTENANCE TO UNDERTAKE THE REHABILITATION OF THE FIVE HOMES, EACH REQUIRING INDIVIDUALIZED REPAIRS, INCLUDING ROOFING, FLOORING, PLUMBING, AND MOLD REMEDIATION. WHILE THE RENOVATION PROCESS WILL TAKE SEVERAL MONTHS, MOST TENANTS ARE EXPECTED TO STAY IN THEIR HOMES DURING THIS PERIOD.AS A NONPROFIT WITH SPECIALIZED EXPERTISE IN LAND TRUST MANAGEMENT, CHT IS UNIQUELY POSITIONED TO ADDRESS COMPLEX HOUSING CHALLENGES. THE ORGANIZATION BRINGS TOGETHER REAL ESTATE PROFESSIONALS, A LICENSED HOME INSPECTOR, AND EXPERIENCE IN SECURING FUNDING FOR COMMUNITY-FOCUSED PROJECTS. THIS COMBINED EXPERTISE, ALONG WITH SUPPORT FROM FUNDING PARTNERS, ALLOWS CHT TO MAKE A MEANINGFUL IMPACT IN PRESERVING AFFORDABLE HOUSING FOR LONG-TERM TENANTS.