News Update
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What?
What is a Limited Equity Cooperative (LEC)?
Also referred to as Limited Equity Housing Cooperatives, LECs are collectively owned by the residents, and each household owns a share in the building. Each household pays monthly costs, or carrying charges, for a unit from the collectively owned building. However, unlike market-rate cooperatives, the resale price is restricted to retain affordability. In other words, an owner who sells a share in the building does not receive the full market appreciation on the share. The LEC acts as an affordable housing asset for the individual household and the community in which the property resides.
Source: Coalition for Nonprofit Housing and Economic Development
"Limited-equity cooperatives are a key part of the affordable housing landscape in the District of Columbia."
History
Limited Equity Cooperatives in DC
Today, D.C. has approximately 4400 units of LEC housing in 99 co-op buildings.
Many co-ops are located in gentrifying and gentrified neighborhoods, representing a form of stable home ownership that has allowed low- and moderate-income Washingtonians to stay in their homes as retail, services, and job opportunities come to their neighborhoods, and as their local public schools improve.
Despite their proven success, there continue to be roadblocks that prevent the creation of new LECs, and existing LECs may face challenges in accessing assistance to sustain themselves long-term.
View Timeline
0
4300
Current Number of Limited Equity Co-op Units in DC
0
96
Co-op buildings
0
8
Wards
Today
Take Action
As housing prices continue to soar, and lower income residents find themselves squeezed into unaffordable housing or out of the District entirely, there is a renewed sense urgency.
It’s time to take the lessons we’ve learned — as LEC members, tenant organizers, technical assistance providers, financing agents, lawyers, and city leaders — to dramatically scale up this housing form in the District.
Pledge Your Support
for Limited Equity Cooperatives in Washington, DC.
Task Force Members
Paul Hazen - Chair
U.S. Overseas Cooperative Development Council
Lolita Ratchford
Ella Jo Baker Intentional Community Cooperative
Vernon Oakes
Oakes Management Inc.
Amanda Huron
University of the District of Columbia
Louise Howells
University of the District of Columbia
Elin Zurbrigg
Mi Casa Inc.
Ana Van Balen
Department of Housing and Community Development (DHCD)
Risha Williams
DC Housing Finance Agency (DCHFA)
“We came together, we paid our rent every month, we did everything we were supposed to do. We paid off our building by 2016. So in twenty years, our co-op was completely paid for... After we paid for the building and everything, of course we weren’t paying as much rent as we had been paying, but we decided that we were each going to pay a certain amount of money each month, and from that, we were able to start doing some renovations on the building, and we paid cash... We’re going to continue to keep collecting money every month, and improving our building.”
