Homeownership is Within Your Reach

By Angelle C. Fouther

Ask anyone what they believe to be the American Dream, and almost without exception, they’ll include home ownership. Owning a home is still the primary means of accumulating wealth for the average family, and closing the homeownership gap is the most effective way to close the racial wealth gap. Yet the numbers show that the realization of this dream continues to look very different for Black individuals and families compared to whites. According to 2020 Census Bureau data, 73% of white Coloradans owned their own home, compared with 41% of Black Coloradans.

The term “forever renters” has been circulating as of late–a reference to those (about 72% of millennials) who believe they will never be able to buy a home. There are many reasons for this belief, and for Black prospective home buyers, they include ever-present discrimination. But among the barriers keeping more African Americans from realizing home ownership, affordability and the inability to pay large down payment are at the top.

Doors to Opportunity Makes Homeownership a Reality

Since 2017, Elevation Community Land Trust (ECLT) has helped people stay in (or come back to) the communities they love by providing affordable homeownership opportunities using the community land trust model. Doors to Opportunity is ECLT’s newest tool, making home ownership affordable and possible by providing down payment assistance of up to $50,000.

Prospective home buyers must first apply for the Elevation CLT Affordable Homeownership Program and become fully qualified. Because funds for this program are finite, interested home seekers re encouraged to apply now.

The next steps are to select a Doors program certified Realtor from the website, then search for a new home anywhere in Colorado or from ECLT’s list of homes.

The average home price for ECLT home buyers is $270,000. By working with Elevation CLT, owners realize total equity in their home’s current fair market value while securing their home for long-term affordability. Repayment of the Doors to Opportunity loan isn’t due until sale or transfer, whichever comes first.

To apply for the Elevation CLT Affordable Homeownership Program or

Doors To Opportunity

By providing down payment assistance of up to $50,000, our Doors program makes it affordable and possible for more people across Colorado to become homeowners.

for more information about Doors to Opportunity and how to access additional funding to increase a total down payment amount up to $150,000, visit www.elevationclt.org .

www.dusetnnetwork.net

DO YOU DREAM OF BECOMING A HOMEOWNER?

Elevation Community Land Trust has a program that can help make that dream come true.

Take these four steps towards owning your own home!

Apply now online for the Elevation CLT Affordable Homeownership Program and become fully quali昀ed. Applications are reviewed on a 昀rst-come, 昀rstserved basis, so don’t wait. 1 2

Find a realtor certi昀ed with the Doors program (vvisit www.elevationclt.org/ ddoorsdoorsdoorsdoors doors). Work with the lender to determine a maximum price point.

3 Review the property criteria for Doors with your realtor and start searching for a new home you like anywhere in Colorado. 4

Find your dream home and go under contract. Repayment of the Doors to Opportunity loan isn’t due until sale or transfer, whichever comes 昀rst.w home you like anywhere in Colorado.

DOORS DOWN PAYMENT ASSISTANCE IS OFFERED ON A FIRST-COME, FIRST-SERVED BASIS. APPLY TODAY AT WWW.ELEVATIONCLT.ORG/DOORS.