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2~ Sustaining and Maintaining Affordable Housing <br />Dwayne Pickney, Board member of the Orange Community Housing and Land Trust, <br />said that they have focused on the sustainability of affordable housing. He introduced Robert <br />Dowling, Executive Director of the Orange Community Housing and Land Trust organization. <br />Robert Dowling made a PowerPoint presentation. <br />Orange Community Housing and Land Trust <br />Challenges and Solutions for Success <br />March 29, 2007 <br />The Land Trust was created in 1999 by local governments to keep affordable housing <br />affordable in perpetuity <br />The Original Model <br />^ We hold the deed to every property <br />^ We convey homeownership through a 99-year land lease <br />^ Lease contains resale formula <br />^ Owners receive 20°to - 30% of appreciation <br />- Retaining the deed to the property ensures `community control' of Land Trust land <br />forever. <br />- The ground lease resale formula allows some control over future prices. <br />- Homeowners only receive a portion of the appreciation. <br />- If a property increases in value by $20,000 during period of ownership, the owner realizes <br />about $5,000. <br />- Retaining the deed to the property allows the Land Trust to buy it back at a greatly <br />reduced price in the distant future. <br />Current Land Trust Inventory <br />^ Today there are 125 homes in the Land Trust <br />^ 115 are in Chapel Hill <br />^ 28 homes have resold <br />- Growth fueled by Town of Chapel Hill's inclusionary housing policy. <br />- Resales allow us to see how the model performs. <br />- Most of our inventory is in the following developments: <br />o Legion Road Townhames 14 units <br />o Rosemary Place Townhomes 32 units <br />o Vineyard Square Townhames 30 units <br />o Greenway Condominium 16 units <br />o Larkspur 11 units <br />To Achieve Success <br />The Land Trust must accomplish two goals: <br />Keep homes affordable <br />Keep homes well maintained <br />