Community Preservation Trust Reflecting on a Year of Success

Looking back on 2024, the Community Preservation Trust has accomplished some incredible milestones in College Park. As a leading community land trust, we’re proud of the progress we’ve made, the lives we’ve changed, and the recognition we’ve earned for our efforts. We recently presented to College Park City Council about the impact of our work, and now we’re excited to share those successes with you in this bulletin.  

From expanding access to affordable homeownership opportunities, to strengthening our neighborhoods through our community land trust and shared equity model, 2024 has been a year of growth, innovation, and profound success.  

The Trust’s mission is to create a sustainable source of permanently affordable homeownership opportunities in College Park, Maryland. As one of only fifteen affordable housing land trusts in the state, the Trust began acquiring single-family homes in the summer of 2023, supported by $14.9 million in grant awards from the City of College Park, the State of Maryland, the Maryland Department of Housing and Community Development (DHCD), Federal Community Project Funding (via federal earmarks), and the Metropolitan Washington Council of Governments. 

2024 Summary of Activities

Since its inception, the Trust has purchased nine single-family homes, investing over $5 million in acquisition and renovation. These homes have been carefully prepared and sold to income-qualified households, ensuring long-term affordability under the affordable housing land trust agreement.  

Today, all nine homes have been sold to new owners in College Park. Three of these properties were funded through grants from the Maryland DHCD, while the remaining six were acquired with American Rescue Plan Act (ARPA) funds provided through a sub-recipient grant via the City of College Park. The Trust is deeply grateful for the generous support of its partners, without whom this success would not have been possible.

Outreach & Marketing: Our targeted marketing and outreach efforts made for a considerable – 700% – increase notable in program applications from 18 in 2023 to 109 in 2024. This substantial increase aligns with our strategic decision to market Trust homes on high traffic home-buying platforms, where buyers actively seek properties, such as Zillow and Redfin.  

To meet consumer expectations, homes acquired in 2024 were professionally staged. Further, we collaborated with real estate agents to help tailor Trust listings. 

Broker Engagement: In 2024, we collaborated with over 400 brokers on our listings, including tour scheduling, inquiries, and property information downloads. The volume of broker engagement is another indication of our program’s increasing visibility within the local and regional real estate community and reinforces our position as a trusted resource for affordable homeownership opportunities. 

Dual Exposure Outreach: The Trust’s outreach strategy sought to directly engage potential homebuyers. During our monthly information sessions, we introduce attendees to our program, outline eligibility requirements, and guide them through the home purchase process. This year, we began to promote the Partnership’s Live+Work College Park Program and the Community Preservation Trust as complementary, yet distinct pathways to homeownership, boosting overall program engagement. In 2024, five of nine participants used both the Live+Work College Park Program while participating in the Community Preservation Trust (CPT). 

Conclusion

In 2025, the Community Preservation Trust will continue its mission to purchase, renovate, and resell homes to income-qualified buyers. We will refine our marketing and outreach strategies, expand our digital presence and implement web-based solutions to streamline application management and reduce review times. By building on the success of 2024, we are confident in the program’s ability to create affordable homeownership opportunities for generations to come. 

In this month’s bulletin, we cover various topics on Trust: we summarize the impact of ARPA funding, break down our shared equity model and share how the Trust made homeownership a reality for Kyle, a Trust participant.