City and County of Denver - File #: 23-0977

• File #: 23-0977
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 7/16/2023
• In control: Safety, Housing, Education & Homelessness Committee
• On agenda: 9/25/2023
• Final action: 9/25/2023
• Title: A resolution approving a proposed Funding Agreement between the City and County of Denver and Elevation Community Land Trust to support the acquisition of for-sale affordable housing units, citywide. Approves a grant agreement with Elevation Community Land Trust (ELCT) for $6,220,000 and through 8-31-2026 to acquire at least 62 homes with income and occupancy restrictions secured by a 99-year ECLT land lease or deed restriction to create affordable homeownership opportunities, citywide (HOST-202368736). The last regularly scheduled Council meeting within the 30-day review period is on 10-16-2023. The Committee approved filing this item at its meeting on 7-26-2023.
• Indexes: Anne Wallace

Date	Ver.	Action By	Action	Result
9/25/2023	1	Council President	signed
9/25/2023	1	City Council	adopted	Pass
7/26/2023	1	Safety, Housing, Education & Homelessness Committee	approved for filing	Pass

Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 7-24-2023

Requesting Agency: Housing and Stability
Division:

Subject Matter Expert Name: Adam Lyons
Email Address: adam.lyons@denvergov.org
Phone Number:

Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney's Office should enter the title above the description (the title should be in bold font).

Both the title and description must be entered between the red "title" and "body" below. Do not at any time delete the red "title" or "body" markers from this template.
title
A resolution approving a proposed Funding Agreement between the City and County of Denver and Elevation Community Land Trust to support the acquisition of for-sale affordable housing units, citywide.
Approves a grant agreement with Elevation Community Land Trust (ELCT) for $6,220,000 and through 8-31-2026 to acquire at least 62 homes with income and occupancy restrictions secured by a 99-year ECLT land lease or deed restriction to create affordable homeownership opportunities, citywide (HOST-202368736). The last regularly scheduled Council meeting within the 30-day review period is on 10-16-2023. The Committee approved filing this item at its meeting on 7-26-2023.
body

Affected Council District(s) or citywide?
Citywide

Contract Control Number:
HOST-202368736

Vendor/Contractor Name (including any "DBA"):
Elevation Community Land Trust

Type and Scope of services to be performed:
The principal amount of the grant shall not exceed $6,220,000.00, subject to the terms and conditions of the grant agreement. Funding will be provided in annual tranches over three years as detailed below:
Year 1: $2,540,000 ($700,000 Impact Investment Funds and $1,840,000 ARPA SLFRF)
Year 2: $1,840,000 (ARPA SLFRF)
Year 3: $1,840,000 (ARPA SLFRF)
In order to draw o...