How do I get started?

Join the interest list on the Burrell website to receive email updates. Start your application process through ECLT found on their website: Application Process - Elevation Community Land Trust.

What do I need for a downpayment?

You'll need a minimum of $3,000 saved, with $1,000 as earnest money due when going under contract and $2,000 in reserves at closing. Down payment assistance and gifts can be used for both down payment and closing costs.

How much will my mortgage be every month?

Your monthly mortgage payment depends on factors like your interest rate, condo price ($205,000 for a one-bedroom, $240,000 for a two-bedroom, and $295,000 for a three-bedroom), down payment, and other considerations determined by your ECLT participating lender. Our mission is to ensure your mortgage payments are both affordable and sustainable.

How are these homes made affordable?

Elevation Community Land Trust retains ownership of the land, while homebuyers purchase the improvements.

Are there any additional fees?

Yes, there is a $100 lifetime land lease fee to ECLT and an HOA fee. Both fees will be factored into your mortgage payment to maintain affordability.

When will the Condos be ready?

Condos are ready for move in now!

I am stuck on my ECLT application. Who should I contact?

For assistance, please email ECLT at info@elevationclt.org or call (720) 822-0052.

Do I qualify?

To determine if you qualify, please check the Metro Denver Income and Asset limits on our website. Additionally, you can use ECLT’s convenient pre-screener tool available at Pre-screener Tool.

Can I own additional residential property at the time of purchase?

No, you cannot own additional residential property at the time of purchase.

Can I sell my home in the future and when?

You have the right to sell your home. Check with your lender for any requirements or penalties.

Will I make proceeds from the sale of my ECLT home?

If your home appreciates, you'll also get 25% of the appreciation. Resale price follows the ECLT resell formula explained in their New Homeowner Orientation.

Can someone inherit my ECLT home?

Homeowners may leave, give, or sell your house to your spouse, children, or other members of your household (defined as people who have lived with you for one year) without the need for those persons to qualify for the program, but they must agree to a new land lease upon inheritance.

Do I have the right to change the living space?

Yes, and if you make qualified improvements, a credit may be added to the resale price for those improvements.

Can I refinance it?

Refinancing your home is allowed but requires written approval from ECLT. The refinance amount is limited to maximize debt within resale price limits.

Can I have a roommate?

Yes, you can have a roommate. Rent charged to the roommate must not exceed 50% of housing costs. A roommate entering the home at purchase must be on the application to live in the home and must qualify as a household member.

Which lenders may I use?

ECLT works with a select group of mortgage lenders. Currently we are limited to using First Bank and Summit Mortgage. See contact info on our website. The full list of participating lenders on ECLT’s website will open up later in the year. Please see our lenders page here.

How long does it take to qualify?

ECLT strives to process all applications as quickly as possible

Can I have a pet?

Pets are allowed within our community; however, there are some guidelines to follow. You are permitted to have a total of 2 dogs and cats combined in your unit. This means you can have 2 dogs, 2 cats, or 1 dog and 1 cat. Birds, fish, and other small household pets, excluding dogs and cats, should be housed in appropriate cages or tanks within your unit. Please note that keeping pigs and other swine is expressly prohibited.

What if my income increases?

A homebuyer needs to qualify at the time of purchase only.

Will I still qualify given the current high interest rates?

ECLT is currently offering concessions to help you secure a lower interest rate with the four participating lenders listed on our website. These concessions are designed to ensure your monthly payments remain affordable:

• Up to $9,000 for a one-bedroom

• Up to $10,500 for a two-bedroom

• Up to $13,000 for a three-bedroom

This approach highlights the assistance offered by ECLT to address concerns about high interest rates and emphasizes the affordability of monthly payments through the concession program.