ECLT is celebrating National Homeownership Month!
Elevation Community Land Trust is celebrating National Homeownership Month by hosting a series of educational events and open houses across metro Denver in June, highlighting new opportunities created by the community land trust model for low- to moderate-income buyers.
The benefits of homeownership have never been more apparent. Owning a home contributes to family stability, student success, and the creation of wealth that can be passed down through generations.
Unfortunately, those same benefits have never been more elusive for low- to moderate-income Coloradoans. Market pressures and the economic effects of the recent pandemic have destabilized housing for many Colorado households. Renters who hoped to enter the housing market have been shut out by rising home prices and intensifying bidding wars, with the median home price in Denver soaring to more than $600,000 in 2021. Those fortunate enough to have achieved homeownership are struggling to keep it, as job insecurity or reduced income due to COVID-19 have forced them into mortgage forbearance programs. Many homeowners face housing uncertainty as Colorado’s foreclosure moratorium is set to expire June 30th, 2021, even as our economy and wages have not recovered.
Racially discriminatory lending and restrictive zoning practices have shut generations of minority families from the conventional homeownership market. In Colorado, the homeownership rate for white, non-Hispanic households is 71% compared to a homeownership rate of 51% for BIPOC households. In fact, the homeownership rate among BIPOC households is lower that it was in 1968, when the Fair Housing Act was passed.
“Shared equity programs unlock stable housing opportunities and provide a foothold for people who would not otherwise be able to access homeownership, one of the main wealth-building vehicles in the United States,” said George W. “Mac” McCarthy, president of the Lincoln Institute of Land Policy, whose 2019 study elevated community land trusts as a proven model to build intergenerational wealth, especially among households of color. The community land trust model is an important tool in the fight to create more equitable and accessible housing for all. CLTs create homeownership opportunities for lower income families that allow purchasers to build wealth, while, at the same time, creating a stock of affordable housing that remains within the financial reach of subsequent low- to moderate-income homebuyers.
Elevation Community Land Trust has made 75 permanently affordable homes available to qualified buyers since late 2019. The organization plans to sell 100 additional homes sold by the end of the year. Furthermore, through a partnership with the City of Denver and West Denver Renaissance Collaborative, ECLT is offering new solutions to homeowners at risk of foreclosure and displacement in its Stay in Place Program.
To raise public awareness to affordable homeownership through the CLT model, Elevation CLT will attend and host a series of open houses and informational events in June.
Find a flyer of all our events here or read on below!
First Friday Art Walk, Santa Fe Arts District
DATE/TIME: June 4
LOCATION: CHAC Parking Lot at 222 Santa Fe Dr, Denver
ABOUT: Meet ECLT staff and partners and learn about La Tela, the 92-unit condominium building at 6th and Inca, on sale now from $149,999 to $199,900.
Stay in Place Program Town Hall, in partnership with the City of County of Denver Clerk and Recorder’s Office
DATE/TIME: June 8th, 2021 from 6 PM -7 PM MST
LOCATION: Zoom and Facebook live
ABOUT: Learn about the options that ECLT can provide to homeowners at risk of foreclosure and displacement to stay in their home and neighborhood and lower their monthly housing payment
ECLT Denver Metro Open House Tours & Raffle
DATE/TIME: June 12th, 2021 from 10 AM – 2 PM MST
LOCATION: Open house locations will be posted on the ECLT website and social media.
ABOUT: Come and tour 12 beautiful, for-sale ECLT homes in Montbello, Green Valley Ranch, East Colfax and Aurora, and speak to ECLT staff members and homeowners to learn about our homebuyer program.
Juneteenth Music Festival
DATE/TIME: June 19th and 20th, 2021LOCATION: Five Points, Denver
ABOUT: Stop by the ECLT booth at Juneteenth Music Festival to speak with Elevation staff about our affordable homeownership program.
City Park Jazz
DATE/TIME: June 13th and June 27th, 2021
LOCATION: City Park, Denver
ABOUT: Unwind at City Park Jazz and meet up with Elevation staff at our booth.