The Community Home Trust, a nonprofit organization that provides affordable housing in Orange County, sold only two homes — compared to its usual four to six — last quarter.
Officials say that might be because most Chapel Hill residents, including some who need less expensive housing, exceed the income cutoff to purchase affordable homes.
And now, the Community Home Trust is working to fix the mismatch to boost its sales for next quarter.
In a quarterly status report received by the Chapel Hill Town Council Wednesday, the group reported selling only two homes from July through September, said Executive Director Robert Dowling.
Dowling said financial problems stemming from the poor economy — including stagnant incomes of clients, decreased federal funding and anticipated increased interest rates — have prompted changes in the organization’s approach.
The Community Home Trust works with local government and developers to sell homes discounted at 30 to 50 percent below the market price to low- and moderately low-income residents.
Previously, all Home Trust buyers were limited to people who earned 80 percent or below of the area median income of $47,051. But now the organization will sell 25 percent of its homes to people who earn up to 115 percent of the area median income.
Dowling said the change was in response to the Town Council’s request that the program serve residents that do not make a low-income salary, but can still not afford the housing market prices in Chapel Hill.
Jon DeHart, a former member of the Community Home Trust’s financial committee, said the higher income limit will allow the group to serve more people.
