Elevation Community Land Trust Housing Assistance Program

Elevation Community Land Trust Housing Assistance Program is a deferred second loan for homebuyers in Statewide, Colorado. Elevation Community Land Trust is Colorado's only statewide CLT. It retains land ownership through a 99-year ground lease while buyers own the home at below-market prices. ECLT's DPA loans up to $40,000 reduce purchase price, cover closing costs, or buy down interest rates. Serves 250+ homeowners across 14 municipalities statewide. DPA loans up to $40,000. reduces purchase price, covers closing costs, or buys down interest rate. 40+ loans per 2-year contract. statewide CLT. permanently affordable homeownership. subsidy retained through resale. Funding comes from Nonprofit, State, and Private.

Elevation Community Land Trust Housing Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and Transfer. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Elevation Community Land Trust Housing Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through HUD-approved homebuyer education required; Elevation CLT workshops. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must purchase an Elevation CLT home or qualify for DPA loan; 99-year CLT ground lease required; DPA can fund closing costs or interest rate buy-down.

Elevation Community Land Trust Housing Assistance Program limits household income to 80% of the area median income, which varies by county and household size. At or below 80% AMI; varies by county. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Elevation Community Land Trust Housing Assistance Program caps the purchase price at $500,000. Eligible property types include Single Family, Condo, and Townhouse. New construction is eligible. Manufactured homes are not eligible.

Elevation Community Land Trust Housing Assistance Program serves homebuyers purchasing in Statewide, Colorado.

Applications for Elevation Community Land Trust Housing Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.