FAQ’s
You’ve questions, we’ve got answers. Explore frequently asked questions below to find answers to common questions about the Community Preservation Trust
Homebuyers
Am I income-qualified to purchase with the Trust?
To qualify, your household income must be at or below 140% of the Median Family Income (MFI) for the DC Metro area. Income limits vary by household size—check our Income Limits Guide for details.
What is MFI, and how do I determine mine?
MFI stands for “Median Family Income,” which is the average income per household size. The US Department of Housing and Urban Development (HUD) calculates the median income of families by region; it is a key factor used to determine income eligibility for a variety of housing programs.
Do I have to be a first-time homebuyer?
No, but priority may be given to first-time buyers or those without local property ownership.
Am I eligible if I already own a home?
To be eligible, you must not currently own residential property in College Park. If you own property elsewhere, reach out to us [link] to discuss your situation.
Application and Purchase Process
How do I purchase a Trust home?
Start by learning the CLT model, confirming your eligibility, and submitting a completed application. If selected, you’ll be invited to attend an intake meeting before finalizing your purchase. See here for more details here.
Can I use a lender who isn’t on the Trust-approved list?
We are happy to work with your preferred lender as long as they support the Trust structure and recognize the 99-year Affordable Housing Land Trust Agreement (document).
What happens at the intake meeting?
You will meet with CPT staff and your realtor (virtually or in person) to discuss the Land Trust Agreement, your responsibilities as a homeowner, affordable pricing, and next steps in your home purchase journey.
I was pre-approved for more than this home is priced. Why won’t the Trust let me buy a higher-priced home?
The Trust’s priority is to prevent cost burden by stewarding land to keep your monthly housing expenses—mortgage, taxes, insurance, and interest—below 30% of your annual income. While a lender may approve you for a higher amount, we prioritize long-term affordability to ensure your home remains financially stable now and in the future.
Homeownership and Stewardship
What happens if my income increases after I make a purchase?
No problem—Eligibility is only assessed at the time of purchase and doesn’t affect your right to stay in the home.
Am I responsible for property taxes, insurance, utilities, and maintenance?
Yes. As a homeowner, you’re responsible for all ongoing homeownership expenses.
What is my financial responsibility as a Trust homeowner?
You’ll make a monthly mortgage payment, cover all utilities, taxes, and insurance, and pay a small monthly land trust fee ($75) to support Trust operations and stewardship.
Why is there a land trust fee?
The land trust fee helps fund long-term stewardship of the home, property monitoring, and support services offered to you throughout your ownership.
Can I refinance my home or add improvements?
Yes, but the Trust must approve any major improvements or refinances to protect the affordability agreement and the home itself.
Can I rent out my property?
Yes, rentals are allowed, but they must be registered with the City of College Park [Insert link]. However, full-home rentals or short-term rentals (like Airbnb) are not permitted.
Can I pass the home on to my children or heirs?
Yes. Your land trust agreement is inheritable, and the home can be included in your estate planning. Your heirs will need to meet program guidelines and continue occupying the home.
What happens at the end of the 99-year agreement?
The land trust agreement is renewable and designed to extend for another 99 years, ensuring long-term affordability.
Program Design and Benefits
What makes a Community Land Trust different from traditional homeownership?
CLTs separate the ownership of land and the home. You own the house; the Trust owns the land. This reduces the purchase price for the buyer and allows for permanently affordable housing.
What is a homebuyer’s relationship to the Trust? Are you our landlord?
No, the Trust does not act as a landlord via the Shared Equity Program. You own your home, and the Trust is a long-term steward of the land, ensuring the home stays affordable and protecting your investment.
Can I buy the land under my house?
No. The land remains in Trust to ensure long-term affordability of the property. Preserving this separation allows not just one but generations of homebuyers access to affordable homeownership.
Sellers
Why do I need to agree to resale restrictions?
Resale restrictions create an opportunity for homebuyers, just like you, a pathway to homeownership. As a homebuyer, your home will be sold at market value, and you will build equity. If you’re concerned about being unable to find a qualified buyer, don’t fret. The Trust is a highly visible program with access to hundreds of buyers.
I’m a current Trust participant, and I want to sell my home—what do I do?
Contact the Trust first. We have the first right to repurchase, and we’ll help guide you through a smooth and fair resale process.
Programs and Community Impact
Are there other housing programs run by CPT or The Partnership?
Yes! The Live+Work College Park Program provides down payment assistance to qualified buyers who work in College Park. Visit our Programs Page to learn more [Link]
Is the Community Preservation Trust only for single-family homes in College Park?
Yes. At this time, the trust supports only single-family homes within the City of College Park. Condominiums and townhomes are not currently included in the program.
How does the Trust help College Park?
By lowering the barrier to homeownership, the Trust helps families build lasting equity and stability while preserving affordability for generations.