In my first two columns I talked about inclusionary housing and about defining the term "affordable housing." Those seemed like natural places to start when writing a column designed to educate readers about affordable housing. But some of you have told me that I haven't said much about the Land Trust.

The Land Trust is Orange Community Housing and Land Trust, a nonprofit organization that provides affordable homeownership in both Chapel Hill and Carrboro. Many of you have probably never heard of us. We need to change that...because we may be able to help you or someone you know to own a home in this community.

So how does the Land Trust work? Simply put, we sell homes to individuals and families who earn less than 80 percent of the median income. This translates into an income of $51,350 for a family of three. There are currently 138 homes in the Land Trust, many of which are located in newer neighborhoods such as Meadowmont, Larkspur and Pacifica. Land Trust homes typically sell for $90,000 to $130,000. Appraised values are typically almost twice the selling price.

The best thing about Land Trust homes is that they remain affordable to future generations of low-income people. Since we sell our homes using a 99-year ground lease (rather than transferring the deed), our homes remain affordable relative to other homes in the community. Our ground lease allows owners to earn 1.5 percent annual appreciation. Our homeowners also pay down their mortgages each month, which further increases homeowner equity.

In effect, we seek a balance between the interests of our homeowners (to live in a decent home in a decent neighborhood and build equity) and the interests of the larger community (to integrate affordable homes throughout the community and to have those homes remain affordable over time).

If we view Land Trust homes as community assets, like parks or schools, we recognize they are meant to serve the community's need for affordable housing over a long period of time. Ideally these homes will remain affordable and well maintained over time and thus be increasingly desirable to teachers, UNC employees and others who cannot afford town a home in our community.

Is the Land Trust the answer to all of our affordable housing needs? Absolutely not. More needs to be done to craft a comprehensive strategy for meeting the housing needs of families earning too little or too much to purchase a Land Trust home. More on that next month.

Robert Dowling is executive director of the Orange Community Housing and Land Trust