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A#0JAMC,-1J 0? . <br />r " Date: March 20, 2007 <br />a; To: The Assembly of Governments <br />From: Robert Dowling <br />r Re: Success of the Land Trust <br />ORANGE Orange Community Housing and Land Trust (the Land Trust) has been developing <br />COMMUNITY homes using the community land trust model since June 2000. This model of <br />HOUSING & <br />LAND TRUST conveying homes using a 99 -year ground lease is unconventional, but it offers the <br />best long -term assurance that land and homes will remain under community control <br />and off the private market. As most of you know, the number of homes in the Land <br />Board of Directors Trust has grown significantly in the past five years, largely as a result of the Town <br />Marceia Blake Council's inclusionary housing policies. <br />Chair <br />Gary Giles <br />Vice Chair Today, with 125 homes in the Land Trust, the staff and board of directors have a far <br />Gordon Merklein better understanding of how the model works than we did five years ago. We also <br />Secretary recognize how the model can be strengthened. Strengthening the model, so that it <br />Jim Tucker will be successful in the long run for both low- income homeowners and the <br />Treasurer surrounding community is the reason we will be addressing the Assembly of <br />Governments. <br />Mary Bratsch <br />John: Cooper This effort began in March 2006 when the board established the asset management <br />Laurin Easthon: <br />Sabrina Farrar committee, which is comprised of four board members and three staff. The asset <br />Valerie Foushee management committee reviewed the sale and re -sale of every Land Trust home. <br />Michael Hansen Analyzing the data from the 28 homes that have resold taught us a great deal about <br />Dwayne Pinlntey how the model is working and allowed us to project how it would work in the future. <br />Katherine Reynolds <br />Mary Jean Seyda We also recognized the challenges of long -term maintenance for low - income <br />Alex Zaffron homeowners. We realized that the existing ground lease did not adequately address <br />Robert Dowling maintenance, which could well become a problem in the future. The committee <br />Executive Director recommended revisions to the model that would address both long -term maintenance <br />Funding Provided by: and affordability. Those revisions were subsequently approved by the board. <br />Town of Chapel Hill <br />Orange County We would like to review this new model and the financial challenges the organization <br />Town of Carrboro faces as we embark on a second phase of growth, a phase that will include substantial <br />Town of Hillsborough numbers of condominium units. The Land Trust board recognizes that for this model <br />to be successful, our homes must remain affordable and well- maintained over time. <br />We also recognize that the success of inclusionary housing in Orange County is <br />PO Box 307 largely dependent upon our success and the success of our model. <br />104 JonesFerry Road <br />Suite C We are entirely committed to making the Land Trust model successful for generations <br />Carrboro, NC 27510 to come, but we will need your help. We look forward to providing you with as much <br />919.967.1545 information as you need to understand the challenges we face and our responses to <br />Fax 919.968.4030 those challenges. <br />www.ochli.org <br />