Community Preservation Trust Reflects on its Inaugural Year

A little more than a year ago, I was hired as the Executive Director of the Community Preservation Trust, a new approach to helping to solve some of the biggest challenges confronting all of us—neighborhood stabilization and affordable homeownership. What began as an idea of the Board has become a full-fledged program, with significant funding — $15M to date—dedicated staff, and a record of success.  In this article, we’ll reflect on the Trust’s inaugural year and set our intentions for 2024.  

So, exactly what have we done in the past year? 

We started our business! After forming the Trust and hiring me at the end of 2022, we started 2023 with momentum on a lot of fronts. We implemented procedures for undertaking the most significant homeownership initiative likely in College Park history. We made it official and were approved by the State of Maryland as an Affordable Housing Land Trust—one of only fifteen in the entire state. We hired Tawfiq Abdul-Karim, a UMD graduate with a master’s in real estate development, as a Senior Associate. 

We bought five homes! We were able to compete effectively in the College Park real estate marketplace and purchased five homes, located throughout the City. We paid for the homes through various grants, including ARPA (federal) funds from the City of College Park, and grants from the Maryland Department of Housing and Community Development as well as the Metropolitan Washington Council of Governments.  

• We are welcoming new residents. We sold one of the five homes to a person who had rented in the very home for the preceding ten years! We have two more homes under contract and expect to welcome new residents to College Park in 2024! 
• We are telling our story. In 2023, it was our mission to get the word out about the Trust. We hosted and attended community events and held broker and buyer information sessions. In 2024, we are hosting information sessions each month so people can learn more about the Trust. Our website— www.communitypreservationtrust.org —is a tremendous source for understanding on work on the ground and the community land trust model more generally. 
• We are being recognized! This fall, we received the Pioneering Impact Award from the Community Development Network of Maryland at its annual meeting. Our first home sale was also noted in the press with coverage from WTOP, College Park Here & Now, Maryland Today, and the Diamondback. 
• We are changing lives. one home at a time. When an applicant was asked to describe what the Trust means to them, they responded, “that’s easy. What you are doing is a miracle.” 

What you see above is a broad summary of what we have been doing at the Trust in 2023. Stay tuned for our activities in 2024. You will not be disappointed!