Community Home Trust

TO STRENGTHEN OUR COMMUNITY WITH PERMANENTLY AFFORDABLE HOUSING OPPORTUNITIES.

PROPERTY SALES ENTAILS WORKING WITH BOTH DEVELOPERS AND INCREASINGLY WITH EXISTING HOME TRUST HOMEOWNERS. WE WORK WITH DEVELOPERS TO ENABLE THEM TO COMPLY WITH INCLUSIONARY HOUSING ORDINANCES IN CHAPEL HILL AND CARRBORO. WE PURCHASE AFFORDABLE HOMES FROM DEVELOPERS AND RESELL THOSE HOMES USING A 99-YEAR GROUND LEASE TO INCOME-ELIGIBLE BUYERS. WE CONVEY OUR HOMES USING A LEASEHOLD IN ORDER TO KEEP OUR HOMES AFFORDABLE TO FUTURE GENERATIONS OF LOW-INCOME HOUSEHOLDS.WE WORK WITH EXISTING HOME TRUST HOMEOWNERS TO SELL THEIR HOMES TO NEW INCOME-ELIGIBLE BUYERS. THE GROUND LEASE CONTAINS A RESALE FORMULA THAT DETERMINES THE AMOUNT OF APPRECIATION TO BE REALIZED BY EACH SELLER. WE WORK WITH SELLERS AND BUYERS TO ENSURE THE CONTINUED AFFORDABILITY OF OUR HOMES. WHETHER WE ARE SELLING EXISTING HOME TRUST HOMES OR SELLING HOMES ON BEHALF OF DEVELOPERS, OUR RESPONSIBILITIES ARE THE SAME: WE MARKET HOMES TO PROSPECTIVE BUYERS, WE PROVIDE FINANCIAL COUNSELING, HOMEBUYER EDUCATION COUNSELING AND A PROGRAM ORIENTATION TO EVERY BUYER, WE ASSIST WITH MORTGAGE FINANCING AND WE ASSIST WITH IDENTIFYING SUBSIDY FUNDS IF NEEDED.FOR THE FISCAL YEAR 2021-2022, WE SOLD 16 HOMES. AS A HUD APPROVED COUNSELING AGENCY, WE ALSO PROVIDED EDUCATION TO 101 PARTICIPANTS. ALL OF OUR HOMES ARE SOLD TO LOW OR MODERATE INCOME BUYERS.

OUR PROPERTY MANAGEMENT WORK HAS GROWN AS OUR INVENTORY OF HOMES INCREASES AND GETS OLDER. PROPERTY MANAGEMENT ENTAILS THREE COMPONENTS: 1. ADMINISTERING OUR STEWARDSHIP PROGRAM, WHICH REQUIRES OUR HOMEOWNERS TO PAY MONTHLY INTO A FUND THAT CAN BE USED FOR SPECIFIC, BIG-TICKET ITEMS, SUCH AS NEW ROOFS AND NEW HVAC SYSTEMS. 2. MANAGING FOUR HOMEOWNER ASSOCIATIONS (TOTALING 71 HOMES), EACH OF WHICH ONLY SERVES HOME TRUST HOMEOWNERS. FOR A NOMINAL MONTHLY FEE, WE PROVIDE COMPLETE MANAGEMENT SERVICES TO THE ASSOCIATIONS. 3. ASSISTING WITH RESALE REPAIRS, WHICH IS REQUIRED WHENEVER A HOME TRUST HOME RESELLS. WE ORDER A HOME INSPECTION AND WORK WITH OUR SELLERS TO GET THEIR HOMES IN GOOD SHAPE TO SELL TO A NEW BUYER.IN 2021-22, WE EXPENDED $226,000 ON PROPERTY EXPENSES TO ASSIST WITH LONG TERM MAINTENANCE OF OUR PROPERTIES. WE HAD 2 EMPLOYEES DEDICATED TO OUR PROPERTY MANAGEMENT WORK IN 2021-22, PLUS A PORTION OF OTHERS ON STAFF.

ON DECEMBER 29, 2017, WE 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 MASTER LEASING PROGRAM BEGAN IN APRIL 2019 AND IS APPROVED TO EXTEND THROUGH APRIL 2023, WITH THE POSSIBILITY OF AN EXTENSION. THE PROGRAM PROVIDES RENTAL HOUSING FOR APPLICANTS EARNING LESS THAN 30% OF THE AMI AND ARE EITHER EXPERIENCING HOMELESSNESS OR ARE AT RISK OF IMMEDIATE HOMELESSNESS. THERE ARE EIGHT PARTICIPANTS IN THE PROGRAM. THE ORGANIZATION HOLDS A MASTER LEASE WITH GLEN LENNOX APARTMENTS FOR EIGHT UNITS. THE ORGANIATION THEN LEASES THESE UNITS TO THE PARTICIPANTS AT A SIGNIFICANTLY REDUCED COST THAT DOES NOT EXCEED 30% OF THEIR GROSS INCOME, INCLUDING UTILITIES.