Community Preservation Trust Receives $525k in Capital Project Funding
The College Park Community Preservation Trust (The Trust), a program of the College Park City-University Partnership (The Partnership), is a Maryland Registered Affordable Housing Land Trust which exclusively serves College Park, Maryland.
The Partnership is a community development non-profit organization jointly supported by the City of College Park and the University of Maryland. The Community Preservation Trust is a key program of the Partnership’s work. It was made possible by the support of the Maryland DHCD and the 21st District Delegation.
In early 2024, The Trust was awarded $450,000 from the M-DHCD’s National Capital Strategic Economic Development Program (NED), and $75,000 from the Metropolitan Washington Council of Governments’ (MWCOG) Housing Affordability and Planning Program (HAPP), for a total of $525,000 in funding for capital projects. Funds will be utilized to support the Trust in the acquisition of single-family homes, required maintenance, and transaction fees associated with resale, “awards from both DHCD and MWCOG have been pivotal to getting the Trust up and running. With their support, we can increase access to affordable homeownership and stabilizing our neighborhoods,” says Susan Slingluff Hartmann, Executive Director of the Partnership.
“Awards from both DHCD and MWCOG have been pivotal to getting the Trust up and running. With their support, we can increase access to affordable homeownership and stabilizing our neighborhoods,”
Susan Slingluff Hartmann, Executive Director, The Partnership
About HAPP: The Metropolitan Washington Council of Governments’ (MWCOG) Housing Affordability and Planning Program (HAPP) aims to increase the amount, affordability, and accessibility of the region’s housing supply, particularly near High-Capacity Transit Station Areas (HCTS).
About NED: M-DHCD National Capital Strategic Economic Development Program (NED) provides competitive funds in support of commercial and residential activities in areas targeted for revitalization, with a focus in areas where modest investment and a coordinated strategy will have an appreciable neighborhood revitalization impact.
About the Community Preservation Trust
Founded in 2023, The Community Preservation Trust is a Maryland Registered Affordable Housing Land Trust which purchases single family homes within the City of College Park and resells them at a price that is adjusted to meet the affordability level of qualified buyers. The Trust works with households up to 140% of Median Family Income, with the goal being to create long term homeownership and wealth building opportunities without causing significant cost burden. The Trust program initiative is made possible by over $15 million in public investment and grants from local, state and federal sources.
Community Land Trust Model
The Trust encourages long-term affordable homeownership opportunities via its shared equity model, an innovative strategy in which a one-time public investment subsidizes the sale of a home at a price the purchaser may afford. In return for this subsidy, the purchaser agrees to share a fixed percentage of home price appreciation with the Trust at the time of resale. There is a cap on resale equity distribution based on the changes in home appreciation and regional household income levels at the time of sale. These conditions help preserve affordability for subsequent homebuyers and keep costs low to make homeownership affordable for subsequent buyers.
While novel in its approach, particularly in a university community like College Park, Maryland; The Trust’s model is a part of a larger nationwide trend (in its infancy) to address acute housing supply and affordability issues, as exemplified in cities such as San Francisco, CA, Duluth, MI, and Maui, HI.
2030 that highlight the need to create affordable homeownership opportunities in College Park. The University Community Vision 2030 was developed through a year-long process to engage community stakeholders and cross-sector partners in a shared visioning effort and was formally adopted by the City of College Park and the University of Maryland in 2021. As Susan Slingluff Hartmann describes, :The University Community Vision 2030 lays out shared community goals and implementation measures that enable us to work together to create positive changes in College Park.”
For more information about the College Park Community Preservation Trust, visit: www.communitypreservationtrust.org
NOTES:
1. Generally, such grants provide a minimal expenditure for operating funds (payroll, taxes, and operational expenses). The general operations rate for such grants is limited to 10 percent of the award (de minimus rate).