Durham Community Land Trustees Secures Affordable Housing for Local Residents
The Durham Community Land Trustees (DCLT) has acquired some property that it plans to keep affordable for current residents.
Last month, the DCLT acquired 1600 Anderson Street, a 48-unit market-rate apartment building near the corner of Chapel Hill Road and Anderson Street. Additionally, the nonprofit acquired 2.28 acres of land nearby and plans to develop new townhomes for households earning 80 percent or below the area median income (AMI). Through DCLT’s stewardship, both sites will remain affordable going forward.
Nonprofits like DCLT that want to compete in the commercial real estate market enter at a disadvantage. Out-of-state firms and Wall Street interests can more easily offer upfront bids and due diligence. Sherry Taylor, DCLT executive director, has experience working in the commercial real estate market, but spearheading a nonprofit development firm has presented new challenges.
>
“It’s been a long road,” Taylor says. “I’ve been with DCLT for four years, and for four years, I’ve been trying to purchase an apartment complex for the organization.”
