$24 Million Raised to Provide 700 Affordable Homes in Denver

The Elevation Community Land Trust is a new Colorado coalition of investors and foundations that is deploying $24 million to provide 700 affordable-housing units there in the next five years. This is one of the largest private investments in affordable housing in state history.

 

Their model is for the trust to purchase and own the land, and sell deeds for the houses that sit on it. The belief is that by excerpting the land appreciation the cost of the structure should be affordable and stay so in perpetuity. The trust is now seeking partnerships with the City of Denver and other government funders to develop the properties.

 

The Elevation Community Land Trust is funded by Gary Community Investments, the Colorado Health Foundation, Bohemian Foundation, Gates Family Foundation, the Denver Foundation, Mile High United Way and Northern Trust.