On July 31st, The Colorado Health Foundation hosted Burlington Associates LLC, a national consulting cooperative that provides support to community land trusts and similar shared equity home ownership strategies. Burlington Associates visited Denver as guests of ULC, and presented their “Feasibility Study and Business Plan for a Proposed Community Land Trust Program Serving Denver’s Globeville, Elyria and Swansea Neighborhoods” during Monday afternoon’s event.
ULC has worked to incorporate the Community Land Trust (CLT) model into our real estate investments for the last 10 years, and we are now researching how to use a CLT to mitigate and further prevent the displacement of Denver’s vulnerable communities. Through a 99 year ground lease, ULC is able to maintain ownership of the land, thus ensuring long term affordability for future generations. Today, our community land trust consists of four separate properties: The Jody Apartments in Villa Park, Boys & Girls Club and Roots Elementary in NE Park Hill and the Curtis Park Community Center in Five Points.
During Monday’s event, conversations primarily circled around building a portfolio of permanently affordable housing in the Globeville – Elyria – Swansea (GES) neighborhoods. It was noted that 1/3 of residential units in GES changed hands between 2013 and 2016, with over half owned by absentee owners or LLCs. A CLT would help mitigate the lack of affordable housing in GES, with an added focus on stewardship and overall community benefit.
To read the full business plan and feasibility report, click here.