Intermountain, Elevation CLT Launch $2-Million Initiative
Investment Will Bolster Affordable Housing in Colorado
In a groundbreaking move, Intermountain Health has partnered with Elevation Community Land Trust to inject $2 million into the heart of Denver’s housing market, marking a significant stride towards fostering housing equity in Colorado. This collaboration signifies Intermountain Health’s inaugural Colorado Place-Based Investment, aiming not just to construct buildings, but to build healthier, more inclusive communities.
With a commitment to making homeownership attainable for more Colorado families, Elevation CLT uses the innovative community land trust model. This approach has already placed more than 250 families into homes across 14 cities in the state, cementing its position as a trailblazer in affordable housing solutions. This new infusion of funds is set to exponentially expand Elevation CLT’s reach, projecting to serve around 2,000 residents within five years and adding significantly to its portfolio of permanently affordable homes.
The $2-million loan to Elevation CLT will be part of a fund used to buy new properties to be added to the land trust and preserved for affordable housing. The investment also will enable Elevation CLT to award bids to a more diverse group of project developers.
Nicholas Fritz, Intermountain Impact Investing director, said these types of investments are an added resource to the communities served by the healthcare organization.
Housing is one non-medical factor that can impact a person’s ability to live a healthy life. This helps us move upstream to address a social determinant of health.”
“The investment from Intermountain Health allows us to better leverage the public and private capital needed to build this type of affordable infrastructure – accelerating our goals and resulting in more homes affordable to more Colorado families,” said Stefka Fanchi, president and CEO of Elevation CLT. “We are especially excited about this partnership because it makes very clear the alignment between affordable homeownership and health and wealth equity.”
One project, The Burrell, is in the immediate service area of Intermountain Saint Joseph Hospital in Denver.
The Burrell is a condominium project with 49 permanently affordable homes in Five Points, a historically Black neighborhood in the River North District. The project is named after renowned Denver jazz musician Charlie Burrell. Buyers of the 1-, 2-, and 3-bedroom units priced in the $200,000s will be asked to meet income qualifications. Historical and/or familial ties to the neighborhood will be considered.
For more information about the Intermountain Place-Based Investing portfolio, visit https://intermountainhealthcare.org/about/who-we-are/community-health/impact-investing. Visit elevationclt.org to learn more about Elevation CLT.
Elevation CLT makes homeownership more accessible for Colorado families through the community land trust model, a proven tool for creating and preserving accessible, inclusive communities for generations. Currently Elevation CLT has over 250 homeowners, in 14 municipalities across Colorado. Elevation CLT is focused on acquiring or developing permanently affordable homes and serving approximately 2,000 residents in its first five years; making it one of the largest CLTs in Colorado and the country.
Intermountain Health operates multiple clinics and hospitals in Colorado and in six other western states. Intermountain is a nonprofit system of 33 hospitals, 385 clinics, medical groups with some 4,600 employed physicians and advanced care providers, a health plans division called Select Health with more than one million members, and other health services. Helping people live the healthiest lives possible, Intermountain is committed to improving community health and is widely recognized as a leader in transforming healthcare by using evidence-based best practices to consistently deliver high-quality outcomes at sustainable costs.