ATTACHMENT 1 Date:     July 27, 2006 To:          Mayor Foy and the Chapel Hill Town Council From:     Robert Dowling, Executive Director Re:         Quarterly status report for quarter ended June 30, 2006 This quarter represents six years since Orange Community Housing and Land Trust placed its first home in the Land Trust in June 2000. There are now 120 homes in the Land Trust, 110 of which are located in Chapel Hill. As you know, our rapid growth is due largely to the inclusionary housing policy of the Town Council.  Future growth, in Chapel Hill, as well as in Carrboro and Hillsborough, will also result from inclusionary housing policies. In the last quarter, we closed on seven homes, four of which were existing Land Trust homes being resold.  The three new homes are all located in the Pacifica co-housing development in Carrboro.  Our marketing staff is now working on five more resales of Land Trust homes that we hope will close during the current quarter.  We will also be closing new homes in Pacifica, Northside and Larkspur.  Our marketing staff, which consists of Crystal Fisher and Amy Singleton (who works part-time), is increasingly stretched to keep up with this volume. Perhaps the most important work we have accomplished in the past several months has been the establishment of a board/staff task force to better understand how the Land Trust model is working, and more importantly, to project how the model will perform in the future.  This task force has examined data from every Land Trust transaction (120 homes and 18 re-sales).  Our focus is on affordability and maintenance.  As an organization, we believe it is imperative that Land Trust homes remain affordable to households earning less than 80% of median income and that they be well maintained. The task force should complete its work in the fall.  At that time we will provide a report to the Council that will include recommended changes in how the Land Trust operates. If you have any questions about the information provided in this report, please call me at 967-1545 ext. 307.  Thank you for your continued support of our work. Copy to Mr. Cal Horton, Town Manager
Board of Directors
Gary Giles Chair
Marceia Blake Vice Chair
Gordon Merklein Secretary
Jim Tucker Treasurer
John Cooper
Laurin Easthom
Sabrina Farrar
Valerie Foushee
Dwayne Pinkney
Mary Jean Seyda
Ruffin Slater
Alex Zaffron
Robert Dowling Executive Director
Funding Provided by:
Town of Chapel Hill
Orange County
Town of Carrboro
Town of Hillsborough
PO Box 307
104 Jones Ferry Road
Suite C
Carrboro, NC 27510
919.967.1545
Fax 919.968.4030
www.ochlt.org