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SPOTL I GHT : COMMUN ITY LAND TRUSTS

Much of the pressure on Downtown housing supply comes from student demand for off- campus housing. Given that there is not enough higher-end student-oriented housing available to meet current demand, students end up living in all different types of housing Downtown, or far from campus. This drives up prices, leaves few options for the non-student population, and adds to traffic and parking challenges. While part of addressing this challenge is to encourage the development of more student- oriented housing, the town can also create guidelines that target non-student residents in certain new developments. These guidelines could include:  Requiring tenants to income-qualify for units on their own (i.e., without a guarantor).  Renting apartments by the unit rather than by the bedroom. Developing smaller units with just one or two bedrooms. While it would be up to the developer or property manager to institute these guidelines, the town can encourage their use by leveraging the incentives outlined in Strategy 1. It would be appropriate to utilize incentives such as density bonuses in this scenario, both because non- student housing units are typically less profitable than student housing units, and because the provision of more housing for non- students is a stated objective for Downtown. Target Non-Students for New Housing Developments 

COMMUNITY HOME TRUST Chapel Hill, North Carolina

Each Community Land Trust (CLT) is unique but the fundamentals remain the same. A CLT has the mission to create and maintain permanently affordable homeownership opportunities by retaining the ownership of the land beneath houses. The home itself is within a legal structure that functions much like a traditional mortgage from the perspective of the buyer, but which enables to community to retain and preserve the affordability element of the unit over time. CLTs work in multiple ways but the overall goal is to ensure that homes stay affordable, are well- maintained, and are resold to income-qualified buyers. There are two existing CLTs in the Commonwealth—one in Charlottesville and one in Richmond.

Community Home Trust’s homeownership program creates permanent affordable housing opportunities, while allowing current homeownership to build equity as homes accrue limited appreciation each year. The organization also provides services that help homeowners achieve and sustain affordable homeownership, such as homebuyer education, financial counseling, and help selecting qualified home repair vendors. Since its establishment in 2000, Community Home Trust has worked to create and preserve 315 permanently affordable homes in Chapel Hill and Carrboro.

STRATEGY 2 OBJECT I VES

 Explore locations for greater density of housing development  Explore tools to encourage more full-time, non-student residents  Promote needed investments to help attract and retain employees

70 Chapter 2 - Analysis: A Framework for Downtown