PROPERTY OWNERSHIP TRANSITION MEMORANDUM OF UNDERSTANDING
An element of the LA Eco-Village vision is to have the intentional residents own and control the buildings. CRSP has stipulated three conditions for the transition of ownership; 1. permanent affordability, 2. cooperative structure, and 3. commitment to ecological building retrofit.
An Acquisition Committee whose members were LA Eco-Village intentional residents explored how to expedite the purchase. A joint meeting of participants from the LA Eco-Village Intentional Community and the CRSP Board agreed to create a Community Land Trust (CLT) and a Limited Equity Housing Cooperative (LEHC) to accomplish this.
After the non-profit, Cultivating Sustainable Communities, decided it did not want to transform into the Community Land Trust but was willing to participate in creating a new one, a tri-partite CLT formation committee was started. Two participants from each of the three groups, CRSP, Cultivating Sustainable Communities and the LA Eco-Village Intentional Community took on the responsibility of creating the CLT. The Prospective Owners
Group comprised of LA Eco-Village intentional residents are responsible for forming the Limited Equity Housing Co-op.
At the point when both organizations have been formed, CRSP intends to simultaneously transfer the land it owns to the Community Land Trust and sell the buildings on this property to the Limited Equity Housing Co-operative. The objective of permanent affordability will be addressed through a ground lease between the CLT and the LEHC. The ground lease will also stipulate the on-going commitment to ecological building retrofit. The Articles and Bylaws of the LEHC will ensure cooperative structure.