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 december 29, 2017, cht acquired a 58-unit rental development called the landings at winmore. This acquisition was made by cht landings, llc, a limited liability company in which the organization owns 100% of the membership interest. The acquisition added 58 rental units to our inventory increasing our ability to reach members of the Community at incomes as low as 30% area median income. The success of this project spearheaded two more initiatives with a private affordable housing developer. In 2023 cht was awarded 9% lihtc credits to build 48 units of rental housing in chapel hill. In 2024, cht was awarded 9% lihtc credits to build 48 units of rental units for residents age 55+ also in chapel hill.

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.

On march 15, 2024, Community Home Trust (cht), introduced a new initiative designed to help first-time homebuyers overcome barriers to mortgage qualification. The pilot program, budget your way Home, supports applicants of cht's affordable housing program who are ready to purchase a Home but face challenges such as insufficient savings, low credit scores, or unstable incomes.these obstacles often contribute to equity disparities in homeownership, with bipoc (black, indigenous, and people of color) homebuyers disproportionately impacted. According to the consumer financial protection bureau's 2022 annual report on residential mortgage lending, black and hispanic borrowers experience higher loan denial rates, receive smaller loans, and face higher interest rates and upfront fees compared to white and asian borrowers. The new program aims to address these disparities by providing targeted support for those facing difficulties in securing a mortgage.the budget your way Home program offers a combination of monthly financial education and personalized one-on-one coaching from cht's hud-certified counselors over a six-month period. Participants who successfully complete the program will be eligible for matching funds to assist with closing costs and other financial responsibilities associated with purchasing a Home through cht. The first five participants in the pilot program will be selected from the current pool of cht applicants, who will be invited to apply for the coaching sessions. Participation in the program is free of charge.this initiative is part of cht's ongoing efforts to ensure that homeownership remains accessible and attainable for all, particularly for those most affected by systemic inequities in the housing market.