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.