Bill
Bill > B24-0431
summary
Introduced
10/04/2021
10/04/2021
In Committee
10/27/2022
10/27/2022
Crossed Over
11/01/2022
11/01/2022
Passed
11/28/2022
11/28/2022
Dead
Signed/Enacted/Adopted
12/08/2022
12/08/2022
Introduced Session
24th Council
Bill Summary
AN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To amend Title 47 of the District of Columbia Official Code to clarify the definition of a limited- equity cooperative (“LEC”) to include an LEC that has membership limitations in its articles of incorporation or organization, limits 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, and to make the property tax abatement for LECs permanent for LECs where at least 50% of the LEC’s households are less than 80% of lower income guidelines.
AI Summary
This bill amends Title 47 of the District of Columbia Official Code to clarify the definition of a limited-equity cooperative (LEC) to include an LEC that has membership limitations in its articles of incorporation or organization, limits the household income of a buyer, and requires a vote of at least two-thirds of its membership to amend its articles of incorporation or organization. It also makes the property tax abatement for LECs permanent for those where at least 50% of the households have an income that does not exceed 80% of the lower income guidelines established under Section 8 of the United States Housing Act of 1937.
Committee Categories
Housing and Urban Affairs
Sponsors (6)
Anita Bonds (D)*,
Mary Cheh (D)*,
Christina Henderson (I)*,
Brianne Nadeau (D)*,
Brooke Pinto (D)*,
Robert White (D)*,
Last Action
Transmitted to Congress, Projected Law Date is Mar 08, 2023 (on 01/10/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...