Community Home Trust applied for $20,000 through the Carrboro Board of Aldermen to buy a townhouse in the Whispering Hills subdivision in Carrboro, but not just for any reason. The non-profit is trying to increase permanently affordable housing in Orange County.

Assistant to the town manager Nate Broman-Fulks presented the application to the board at its Tuesday meeting. He says Community Home Trust hopes to buy the house because if the current owner sells the townhouse privately, he or she will have to pay back Orange County half of the equity on the home.

“The purchase price, whatever they sell it for, minus what is owed on the mortgage, so the revenue basically from selling it, they would have to buy back.”

But if the non-profit buys it from them, it will move to permanently affordable inventory.

Robert Dowling is the executive director of Community Home Trust. He attended the meeting to answer questions about the application. He says the non-profit can cover most of the expenses of purchasing the house. But the money that is needed is to help with things like acquisition costs and remodeling.

“We had a home inspection done. And we know there’s work that needs to be done. It’s a 30-year-old house. It’s in good shape, but still – it’s a 30-year-old house. And like any 30 year old house, there’s things that need to be done.”

Dowling says the whole purpose of the project is to provide the house in as best shape as possible to the next buyer, and to provide that buyer with somewhere great and affordable to live.

“What do we have and how do we make it work in the future? And that’s how we view this. And with $20,000, we believe we can make this work.”

Community Home Trust may also receive funds from the Housing Finance Agency once the non-profit finds a buyer for the home.

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