Congratulations to Elevation Community Land Trust and the City of Aurora on their recent partnership to increase affordable homeownership opportunities to Aurora residents. This marks Elevation CLT’s first partnership with a municipality, and will support at least 50 Aurora families living at or below 80% of the area median income (AMI) purchase a home.
Established in 2017 as a public-private nonprofit organization to directly address Colorado’s growing affordable housing crisis, Elevation CLT relies on capital subsidies and resources from public, private and philanthropic sectors. The new partnership will allow Elevation CLT to acquire and remodel homes that can be purchased by qualifying Aurora residents. In addition to this, the partnership enables contributions from the City of Aurora to leverage at least an equal amount of funding from Elevation CLT, and it ensures that this one-time investment results in a home that is permanently affordable for generations to come.
Elevation CLT and the City of Aurora plan to celebrate the sale of their first home in June with a housewarming and ribbon-cutting event prior to the buyer’s closing and move. City officials and stakeholders will have the opportunity to tour the home, a beautifully remodeled midcentury ranch, and learn more about the community land trust model and plans to create more affordability in the Aurora real estate market.
To learn more, visit Elevation CLT’s website here.