B24-0431 – Limited Equity Cooperative Property Tax Assistance Amendment Act of 2021 (dccouncil.us)
BILL SUMMARY – As introduced Bill 24-431 would clarify the definition of a limited equity cooperative (LEC) to include those that have membership limitations in its articles of incorporation or organization, limit the household income of a buyer, and requires a vote of at least 2/3 of its membership to amend its articles of incorporation or organization. It would also make the property tax abatement for LECs permanent for those households that meet certain income levels.