City of Aurora Becomes Elevation CLT’s First Municipal Partner
As housing costs continue to climb across metro Denver, the City of Aurora and Elevation Community Land Trust—catalyzed by GCI in partnership with local funders—are partnering to create permanently affordable homeownership opportunities over the next five years for at least 50 Aurora families living at or below 80 percent of Area Median Income.
On May 20, the City of Aurora became Elevation CLT’s first municipal partner when Aurora City Council approved a Memorandum of Understanding allowing Elevation CLT to acquire and remodel a mix of single-family homes, condominiums and townhomes that can be purchased by qualifying Aurora residents.
“We are thrilled that the City of Aurora sees value in creating permanently affordable housing for its residents, and we are excited to begin working alongside them as our first municipal partner,” said Stefka Fanchi, President & CEO of Elevation CLT. “Through this partnership, we will put homeownership within reach for more families and help create healthy, stable, inclusive neighborhoods in Aurora for today and tomorrow, so that our families can earn the equity and opportunity that ownership provides.”