Peace Village Update & Revolving Loan Fund Match Announcement
Peace Village is SquareOne Villages' 4th and largest housing cooperative to date. Located on River Rd. in Eugene, Oregon and will include 70 units of permanently affordable homes for people with incomes between 30%-50% of the area median income for 2023. Find more info at https://www.squareonevillages.org/peace
Though residents may live in individual dwellings, what they own is a membership share in a cooperative corporation that owns or leases all real estate. As part of your membership in the co-op, you have the exclusive right to occupy a specific dwelling for as long as you want, provided that you follow the co-ops policies and pay a monthly carrying charge. You also have a vote in how the co-op is governed and how your housing is managed.
Membership share purchases at Peace Village Co-op will be $5,000 per household, which is used for development costs. Limited-equity is gained on shares at 3% simple interest per year. If a household cannot afford the share purchase, a low interest loan from SquareOne's revolving loan fund will be available to borrow. When or if someone wants to move, they sell their share purchase plus whatever limited-equity they have acquired to a new household. To find more info about housing co-ops and SquareOne's cooperative land trust housing model visit https://www.squareonevillages.org/housing-co-op
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Peace Village represents a commitment to creating a welcoming and supportive environment where individuals, Space Waves families, and community members can thrive.
What a wonderful initiative! Permanent affordable housing combined with a cooperative ownership model gives slope 2 people both stability and a real voice in their community. Wishing Peace Village great success!
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