Elevation CLT Launches as New Affordable Housing Platform
A collective of philanthropic funders has partnered to catalyze nearly $25 million in private investment to launch Elevation Community Land Trust.
Recognizing the need for a strategic, cross-sector intervention around the growing issues of housing affordability in metro Denver and beyond, the funder collaborative, which includes Gary Community Investments, The Colorado Health Foundation, Gates Family Foundation, The Denver Foundation, Mile High United Way, and Northern Trust, provided the capital needed to create a sustainable platform that provides a permanent solution for families and other underserved populations in need of affordable, safe and decent housing choices. Although the majority of its initial capital was raised from the private sector, Elevation CLT was established as a public-private partnership that requires subsidies from a mix of sources, including the philanthropic community, the public sector, and anticipated land donations from private developers or government entities.
Rather than being concentrated in a single neighborhood, Elevation CLT will use a “scattered site model” that has the flexibility to scale to any community at risk of gentrification and displacement. To further support low-income families in the communities it serves, Elevation CLT eventually aims to align itself with comprehensive supportive services programs that provide residents with increased access to health care and healthy food, early childhood education, workforce training and placement, and wealth-building opportunities. It will complement other affordable housing efforts being undertaken by public and private organizations at the local and state levels.
Within the next five years, Elevation CLT’s stewardship will support the creation of more than 700 CLT homes via the acquisition of single-family homes in neighborhoods across metro Denver and land for the development of new construction townhomes and condos. At this scale, Elevation CLT will be financially sustainable within its first five years, and it has the power to become a new platform that can be leveraged to support communities across Colorado.