City Exploring Land Trust Concepts to Boost Affordable Housing for Denver Residents
Request for Interest (RFI) seeking innovative approaches to a land trust
DENVER, CO — Monday, May 7, 2018 — The City and County of Denver today released a Request for Information (RFI) to find innovative approaches to the land trust model. Exploring the land trust concept is a key recommendation of the city’s five-year housing plan, Housing an Inclusive Denver, which was released by Mayor Michael B. Hancock in October of last year and adopted in February.
“Given the impact and duration of such a model, we want our review of different land trust approaches to be wide and inclusive,” said Eric Hiraga, executive director of the Denver Office of Economic Development (OED). “Innovative land trust models that achieve perpetual affordability are being explored here in Denver and across the nation. The right concept and managing partners could make a significant difference for Denver’s residents for decades to come.”
The RFI is the first step in a solicitation effort to better understand and analyze available land trust ideas and capabilities while scoping the levels of city investment and partnership necessary to achieve affordability outcomes. OED seeks to gather descriptions of proposed or currently operating land trust models, as well as a proposed approach for City partnership and/or investment in those models.
Community land trusts involve a local nonprofit acquiring a parcel of land and pledging to use it for purposes that benefit the neighborhood, including affordable housing. The nonprofit builds a home on the land and sells it to someone in need. The nonprofit retains ownership of the land that the house sits on, leasing it to the homeowner for a designated time period, typically 99 years.
The Request for Information guidelines can be found at Denvergov.org/oed. Interested proposers are required to submit an interest form by May 17, 2018.
The Denver Office of Economic Development (OED) is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce.