Elevation Community Land Trust - Chestnut Lofts - Gates Family Foundation
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Project Description

Gates supported Elevation Community Land Trust (ECLT) and its acquisition of an affordable housing development in Denver called Chestnut Lofts. This is a multi-funder debt agreement to cover a gap in the capital needed to allow this project to proceed to construction.

The project will produce 49 condominium units, providing home ownership opportunities for 49 households in the 60-70 percent of area median income (AMI) range in the rapidly gentrifying River North (RiNo) neighborhood adjacent to downtown Denver. Elevation will acquire all 49 units upon completion and place them in the community land trust (with Elevation owning the ground under the building as well).

ECLT ownership will keep these units affordable long-term through its shared appreciation model. Gates invested along side Gary Community Ventures and Bohemian Foundation.

Amount $550,000
Year Awarded 2022
Support Type Program-Related Investment
Strategic Priorities

Community Development

Areas Served

Denver > Denver

Website https://www.elevationclt.org/
Term 2 years
Payment Schedule