Category: Legislation

Limited Equity Cooperative Property Tax Assistance Amendment Act of 2021

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.

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Limited Equity Cooperative Advisory Council Act of 2021

BILL SUMMARY – As introduced Bill 24-430 would establish a permanent Limited Equity Cooperative Advisory Council to provide continuity and oversight on the issues that the LEC Task Force cited in its 2019 report and to implement the recommendations in the report.

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