While the demand for housing remains high in Denver, not every homeowner has been able to escape the uncertainty of the pandemic. Fortunately, depending on where you live, there are community resources available to homeowners who may be struggling to keep their homes.

One such resource comes from a collaboration between the city of Denver, the Denver Renaissance Collaborative, and a land trust who have teamed up to help west Denver residents stay in their homes. The “Stay in Place Program” was recently created to address the economic impact of the pandemic that would increase the number of people who must move because they can no longer afford to live in their neighborhood.

The program is aimed at homeowners facing reduced incomes because of the pandemic or increasing property taxes or other housing costs. They can sell the land under their homes into the land trust operated by the Elevation Community Land Trust. The city is contributing funds for Stay in Place Program sales. Participants could use cash from the sales to pay down their mortgages or build an accessory dwelling unit and would continue to own the homes on the plots. In a land trust, the land under homes is owned communally and never sold.

To be eligible, a household can’t earn more than 80 percent of the area median income. That limit is currently $78,500 for a family of four.

Another component of the program includes ADUs (accessory dwelling units). West Denver Renaissance Collaborative has been developing an accessory dwelling unit project in Athmar Park, Barnum/Barnum West, La Alma/Lincoln Park, Sun Valley, Valverde, Villa Park, West Colfax, and Westwood. Homeowners in those neighborhoods would have the option of building ADUs - also known as a carriage houses or casitas — to rent to earn extra income, or to provide housing for growing families. Homeowners who participate must meet income restrictions and keep their ADU rents below market rate and get access to low-cost ADUs designs created by the nonprofit affordable housing developer Habitat for Humanity of Metro Denver and pre-approved by city building regulators, saving architecture and some permitting fees.

The Stay in Place Program is available now only in west Denver, but additional funding could be secured to offer it in other parts of the city.

If you’re interested in finding more affordable housing options in the Denver area, or are interested in checking out any of these vibrant neighborhoods, Metrowest may be able to help. Contact us today and let’s explore your options.