GCI Announces Elevation Community Land Trust
Gary Community Investments has partnered with The Colorado Health Foundation, Bohemian Foundation, Gates Family Foundation, The Denver Foundation, Mile High United Way and Northern Trust to catalyze $24 million in private investment to launch Elevation Community Land Trust, a new community land trust (CLT) that will foster stewardship of permanently affordable housing in neighborhoods across metro Denver and ultimately statewide.
Recognizing the need for a strategic, cross-sector intervention around the growing issues of housing affordability in metro Denver and beyond, Gary Community Investments has led an effort to mobilize local funders in raising 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.
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.