Friday, May 14, 2010

Rocky Mountain Community Land Trust awarded $61,000

The Colorado Department of Local Affairs has announced that $61,000 in HOME funds has been awarded for increasing the availability of affordable housing in El Paso County.

Rocky Mountain Community Land Trust (RMCLT) received a grant of $61,000 to support their on-going scattered-site homeownership program in Colorado Springs and El Paso County. These funds will be used to assist with the acquisition of four (4) properties. Through the Community Land Trust model, the RMCLT acquires and holds title to the land permanently and grants to the homeowner use of the land investment via a 99-year land lease that can be renewed for an additional 99 years. The RMCLT connects with potential homebuyers through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and new homebuilders.

Funding from the Colorado Division of Housing assists communities in meeting the affordable housing needs throughout the state. The Division targets its resources to address the growing housing need of households with lower incomes. The Division estimates that 66,479 lower-income households in Colorado are in need of affordable housing.