College Park Community Preservation Trust
College Park Community Preservation Trust
Though officially established as an Affordable Housing Land Trust in the State of Maryland in May of 2023, the College Park Community Preservation Trust’s (the Trust’s) formation is the by-product of years of research, community discussion and long-term fundraising by the College Park City- University Partnership. The Partnership was a key driver of the of the University-Community Vision 2030 (and its predecessor document, University District Vision 2020). The plan identified 4 key strategy areas of focus, including “Housing and Development.”
In order to optimize the effectiveness of such a Community Preservation Trust, the Partnership established the Trust as an Affordable Housing Land Trust, consistent with the Affordable Housing Land Trust Act of 2010, now contained in the Maryland Annotated Code Real Property § 14-501. This section of the law allows the Trust to buy homes and resell them at reduced prices to people of low- and moderate incomes (up to 140% of Median Family Income), in exchange for other benefits.
When the total set of benefits was analyzed for the Affordable Housing Land Trust model, the College Park City-University Partnership recognized the model allowed for several complementary goals to come together:
Advancing Opportunity
Increase the rate of owner-occupied homes
Provide an opportunity for people who could not afford to own a home in College Park to do so by a reduced price allowed in the Land Trust Model
Provide an opportunity for people to sell their homes and leave their neighborhood to stewards who can create wealth that would otherwise be unavailable
Enhancing
Neighborhoods
Enhance the Strength of College Park’s Neighborhoods;
Create data to assess how the land trust model works to build equity.
To gear up for this program, the Partnership—raised nearly $15,000,000 in start-up capital from federal, state and local governments as well as non-profit funding philanthropies for these efforts. At this writing, the Trust purchased one home, bought a second –and sold it to the renter who lives there, and has a third under contract as well.
Mission
Provide a source of permanently affordable homeownership solutions to current and future generations of income-eligible individuals and families who wish to reside in College Park amid rising property values.
Want to Learn More? Visit the Community Preservation Trust’s website: