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File #: 20-0509    Version: 1
Type: Resolution Status: Adopted
File created: 5/22/2020 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 6/29/2020 Final action: 7/13/2020
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Elevation Community Land Trust, LLC to finance the acquisition, rehabilitation, or construction of for-sale affordable housing units. Approves a performance loan agreement with Elevation Community Land Trust, LLC for $3,000,000 and for 99 years to support the acquisition, rehabilitation, or construction of 60 housing units to be sold to households at or below 100% of the Area Median Income at sites across the city (HOST-202053866). The last regularly scheduled Council meeting within the 30-day review period is on 7-20-20. The Committee approved filing this item at its meeting on 6-3-20.
Indexes: Emily Lapel
Attachments: 1. RR20 0509 HOST Elevation CLT Scattered Site Acquistion, 2. HOST_Land Trust Safety Committee 060320, 3. 20-0509 Filed Resolution_Elevation Community Land Trust LLC 202053866, 4. 20-0509 Loan Agreement Elevation Community Land Trust LLC 202053866-00, 5. 20-0509 Filed Resolution_Elevation Community Land Trust LLC, 6. 20-0509 - signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 5-22-20

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name:

Name: Jennifer Siegel, 720-913-1667
Email: jennifer.siegel@denvergov.org

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 Loan Agreement between the City and County of Denver and Elevation Community Land Trust, LLC to finance the acquisition, rehabilitation, or construction of for-sale affordable housing units.
Approves a performance loan agreement with Elevation Community Land Trust, LLC for $3,000,000 and for 99 years to support the acquisition, rehabilitation, or construction of 60 housing units to be sold to households at or below 100% of the Area Median Income at sites across the city (HOST-202053866). The last regularly scheduled Council meeting within the 30-day review period is on 7-20-20. The Committee approved filing this item at its meeting on 6-3-20.
body

Affected Council District(s) or citywide? Citywide

Contract Control Number: HOST-202053866

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

Type and Scope of services to be performed:
EXECUTIVE SUMMARY

Elevation Community Land Trust LLC ("Elevation") is partnering with the City of Denver on an initiative to increase the number of homes owned by households at or below 100% of the Area Median Income (AMI). The purpose of this contract is to provide funding to acquire, rehabili...

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