Elevation Community Land Trust Housing Assistance Program

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Elevation Community Land Trust Housing Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education required; Elevation CLT workshops.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.