What happens if the Eco Village fails in a few years?
An eco village is not a single legal entity; therefore, in order for it to fail, many of its systems must fail, an unlikely occurrence when development is phased according to sustainable practices – economically, socially and physically. If there are failures in the eco village, they most likely will take the form of simply not fulfilling the full vision of its initial planners, rather than any particular financial failure, which is generally what is meant with the use of the word ‘failure’. A mutual housing association, the non-profit housing development entity includes among its members a waiting list of qualified home buyers or renters prepared to move in when there are vacancies. In the L.A. eco-village, the legal form of home ownership will be cooperative. The default rate on cooperatively owned housing units is less than 1%, significantly less than for condos, single family ownership or rental apartments. The land will be owned by a non-profit tax exempt community land trust. In
