The Port Townsend EcoVillage Economic Access Fund was created to promote economic diversity in the PTEV membership by providing financing opportunities to PTEV Owner Members with financial needs. Our unique ownership structure as a Limited Liability Company rather than a Co-op, Condo or Home Owners Association is more in line with our core values, yet precludes our members from obtaining mortgages or loans from banks or other institutions. We believe that the EAF will serve as a successful and innovative model for financing alternatives while safeguarding the capital of lenders who believe in the mission of the Port Townsend EcoVillage.
Our Borrowers Individuals with financial need who have been approved for Owner Membership in the PTEV may apply to the EAF for loans. They are screened for financial need and creditworthiness and if approved, may receive loans which the EAF pays to the PTEV on their behalf to help cover part of their share of PTEV development costs (shared infrastructure and common buildings) and/or dwelling equity. They sign Loan Contracts specifying interest rates and repayment terms.
Our Lenders We seek friends and supporters of the Port Townsend EcoVillage who are willing to make loans of at least $5,000 and for at least 6 months. Lenders may select from a variety of loan terms and interest rates, with the maximum rate being the same as that found for locally available bank accounts (about 5% as of July, 2007). They may choose either simple interest or amortizing loans. We welcome and encourage Lenders to consider lower than standard interest rates and we also accept donations to the fund. Lenders are offered a Lender Agreement with the EAF, and not with specific PTEV members who qualify as Borrowers.
Loan Security & Payback Sources Loans are secured with a Loan Agreement with the PTEV. The capital to repay loans is derived from the monthly payments made by Borrowers and the principal and interest from certificates of deposit and bank accounts. There is no collateral to guarantee the loans, but the EAF maintains cash reserves to ensure that Lenders receive payments on time and in full.
For Further Information and/or to send a donation:
Port Townsend EcoVillage 510 35th St., Port Townsend, WA98368 360-343-1355 info@ptecovillage.org
