Eco-Village is looking for some investors. Eco-Village’s non-profit parent, the Cooperative Resources and Services Project “CRSP,” has utilized an innovative Ecological Revolving Loan Fund “ELF” to crowd-source purchasing property for permanent ecological and affordability benefits.
In 1996, CRSP purchased our initial 40-unit apartment building at 117 Bimini Place. In 1999, we expanded by purchasing the adjacent 8-unit Bimini Terrace. These two apartment buildings have been instrumental to the success of the eco-village project. They’re where we live, garden, gather, dine, host, even give birth. They’re where we’ve planted fruit trees, spread compost and mulch, harvested rain, installed solar and greywater, where we steward bees and chickens, where we helped incubate the Bicycle Kitchen, Cafecito Organico and CicLAvia.
Both of these buildings were purchased with no bank loans. Really. No bank loans. Through the Ecological Revolving Loan Fund, eco-village borrowed money from from friends and supporters. By cobbling together more than 20 loans from $3000 to about $100,000, CRSP was able to purchase Los Angeles real estate. Using rental income, these loans were all paid back, with modest interest. I can vouch for this. In 1998-99, I loaned the eco-village ELF $3000 at 3% interest per year. I received semi-annual interest checks, and the principal was repaid in 2002-03.
Los Angeles Eco-Village and CRSP, working through the Beverly Vermont Community Land Trust are working on another property purchase in the eco-village neighborhood. We’re looking for some investors to loan money to the CRSP ELF. Here’s a message from eco-village founder and CRSP executive director Lois Arkin:
January 12, 2011
Dear Neighbors and Friends of L.A. Eco-Village,
A Happy and Healthy New Year to all. Of course, never before in the history of our species have so many bad things been happening so fast. But it is also the case that never before have so many good things been happening so fast. You are all among those whom I know to be making a difference on the good side of this challenging equation.
So here is another opportunity, a rare one that doesn’t crop up often for us. We here in L.A. Eco-Village–specifically CRSP and the Beverly-Vermont Community Land Trust–are in escrow on our third building in LA Eco-Village.
If some of you have discretionary monies you would like to loan to our Ecological Revolving Loan Fund, please let me know. Or you may have friends or relatives you would like to invite to explore investing in this or other LAEV developments.
We will be closing escrow in a few weeks on the four-plex at Bimini and White House Place, and are putting together about $425,000 for that closing. CRSP will be investing a significant portion of this money along with several individuals close to me. We are seeking an additional $100,000 in loans.
CRSP is paying up to 2-1/2% and the loan term is approximately 2 yrs. You can take a look at our loan parameters and a draft loan agreement here:
CRSP has borrowed over a million dollars in the past 17 years from over 30 friends. We have an excellent record of loan paybacks. If you would like to speak with some of our former lenders, please contact me.
For more information on the new acquisition, contact me (information below) or Lara Morrison laraeco [at] hotmail.com.
Of course, I know money is tight these days, but if you do have unproductive cash available, I believe there is no better investment than in L.A. Eco-Village where we are reinventing urban living for a healthier and more sustainable urban future.
Thanks for considering this opportunity.
crsp [at] igc.org
Here’s a photo of what the corner fourplex looks like right now:
Can you help us out?