Though officially established as an Affordable Housing Land Trust in the State of Maryland in May 2023, the College Park Community Preservation Trust’s (the Trust) formation is the byproduct 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 University-Community Vision 2030 (and its predecessor document, University District Vision 2020). The plan identified four 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 the median family income) in exchange for other benefits.
Upon analyzing the total benefits of the Affordable Housing Land Trust model, the College Park City-University Partnership recognized that this model facilitated the achievement of several complementary goals:
I. Advancing Opportunity
Increase the rate of owner-occupied homes.
Offer affordable homeownership in College Park through the Land Trust Model.
Enable homeowners to sell to stewards who can create otherwise inaccessible wealth.
II. Enhancing Neighborhoods
Enhance the Strength of College Park’s Neighborhoods.
Develop data to evaluate how the land trust model contributes to building 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.
The Trust’s Mission
Provide a source of permanently affordable homeownership solutions for current and future generations of income-eligible individuals and families who wish to reside in College Park amid rising property values.
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