A local philanthropic group announced it has raised $24 million to build affordable homes in Denver.
Called the Elevation Community Land Trust, the group of investors and foundations partnered on their own to address the lack of affordable housing in the city. Over the next five years, the coalition plans to provide 700 housing units in Denver before taking the project statewide.
The land trust, which seeks to partner with the city, would purchase parcels of land and sell deeds to the houses on top of the land. The business model removes land appreciation and makes the houses perpetually affordable.