Wednesday, July 28, 2010

$198,250 awarded to Rocky Mountain Community Land Trust

The Colorado Department of Local Affairs has announced that $198,250 in HOME funds has been awarded to the Rocky Mountain Community Land Trust in El Paso County.

Rocky Mountain Community Land Trust (RMCLT) received a grant of $198,250 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 thirteen (13) 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.