Home ownership is one of the main ways to build generational wealth. DC has several financing programs to support this goal. C100 focuses on assessing the adequacy of funding, data on who benefits, and the impact on neighborhood preservation.

 

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C100 Testimony Before Council, Two Limited Equity Co-op Bills- B24-0430, B24-0431.

Andrea Rosen


C100 testimony re: B24-0430, "Limited Equity Cooperative Advisory Council Act of 2021," recommends that a greater proportion of the Advisory Council membership be resident-owners, as they are the ultimate stakeholders; that a second Community Based Organization slot to cover both pre- and post-purchase technical assistance be added; and that the number of unspecified "other representatives" be capped.  C100 also suggested that a resident-serving "LEC Bureau" be prioritized, given the challenges LEC actual and potential shareholders face.  Re: B24-0431, "Limited Equity Cooperative Property Tax Assistance Amendment Act of 2021," testimony argues that making permanent the property tax exemption for LECs as outlined in the bill is a reasonable extension of existing tax policy, given the benefit of LECs to affordable housing, community stability, and self-determination. C100 recommends the Committee augment the bill’s mandates with additional guardrails.

Date added: June 28, 2022