Limited equity cooperative definition

Limited equity cooperative or “LEC” means a cooperative required by a government agency or nonprofit organization to limit the resale price of membership shares for the purpose of keeping the housing affordable to incoming members that are low- and moderate-income.
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Limited equity cooperative means a limited equity Housing Cooperative that limits the return allowed when its shares are sold.
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Limited equity cooperative means a cooperative corporation formed under ORS chapter 62 whose articles of incorporation, in addition to the other requirements of ORS chapter 62, prohibit members from selling their ownership interests:
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Examples of Limited equity cooperative in a sentence

  • After the committee is approved, the student should formalize the written and oral exam dates.

  • The following guidance applies only to projects in which tenants directly purchased their building, converting to a Limited Equity Cooperative (LEC).

  • As of 2019, 4,400 Limited Equity Cooperative (LEC) units existed across 99 buildings; many of these LECs were created through TOPA.3 DC multifamily sales data from 2014-2015 is helpful in understanding the number of TOPA sales that happen every two years.4 During that time period, 131 sales of multi-family buildings took place.

  • Program EligibilityApplicants that meet the following criteria should apply:• Property owners of up to three rental housing properties whose income does not exceed 120% of Median Family Income (MFI) according to DHCD’s Inclusionary Zoning Income Rent and Purchase Price Schedule1; or• Board of a Limited Equity Cooperative.

  • Limited Equity Cooperative: A form of ownership whereby the residents form a cooperative corporation which owns and manages the property, and where the return on residents' original equity is limited to no more than 10%, as defined in the California Health and Safety Code, Section 33007.5. Loan: Advance of trust funds for purposes of developing affordable housing with promise to repay.

  • Each Housing Authority, Non Profit Corporation, Community Housing Development Corporation and Municipal Developers as Owner/Sponsor of Elderly and Moderate Rental Housing; Housing for the Homeless, Limited Equity Cooperative, Congregate Housing, Mutual Housing and Affordable Housing may prepare and submit to the Commissioner of Economic and Community Development for approval a program of project rehabilitation and improvement.

  • HIF III was established to provide loans for Eligible Projects developed by Non-profit Corporations or Limited Equity Cooperative Housing Corporations.

  • The consultant will identify training needs of members of the LEC’s in order to ensure continued operational and financially stability in accordance with the program requirements of the Limited Equity Cooperative Program.

  • The auditor should use the DECD Administration Fund compliance supplement for the DECD program the project was funded from (i.e. Moderate Rental, Limited Equity Cooperative, etc.) along with this compliance supplement.

  • Final Report” District of Columbia Limited Equity Cooperative Task Force for 2018-2019, October 2018.


More Definitions of Limited equity cooperative

Limited equity cooperative. ’ means a shared equity
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Limited equity cooperative means a cooperative formed as a common interest community in which the real property is owned by the cooperative, each of whose members is entitled by virtue of his ownership interest in the cooperative to exclusive occupancy of a unit and whose declaration contains any restrictions on (1) the amount for which a unit may be sold, or (2) the amount that may be received by a cooperative member on the (A) sale or condemnation of, or casualty loss to, the unit or to the common interest community,
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Limited equity cooperative means a cooperative housing corporation, organized in
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Limited equity cooperative means a cooperative operating on a property owned in part by 7its occupants. A not-for-profit corporation may own an interest in the property.8Not-for-Profit Rental Cooperative means a rental cooperative owned by a corporation9registered with the United States government pursuant 26 U.S.C. § 501(c)(3).10Private equity cooperative means a cooperative operating on a property owned jointly by11the residents of the cooperative.1213 Rental cooperative means a cooperative in which the some or all of the residents do not14 have an ownership interest in the property in which the cooperative operates.15 Section 7. A new Chapter 10-11 is added as follows:16 Chapter 11 Cooperative Housing17 10-11-1. Legislative Intent 18 The City Council intends to facilitate cooperative living arrangements. The Council finds19 that cooperative living arrangements can provide an affordable alternative for living in Boulder.20 In addition, cooperative arrangements can provide supportive and fulfilling community for their21 residents. The City Council seeks to balance the benefits of cooperative living against the 22impacts from the increased density that comes along with cooperative living. The City Council23also is concerned about cooperatives competing in a tight housing market with families seeking24single family homes.25 1 10-11-2. - Cooperative License Required Before Occupancy.2 No person shall occupy, allow, or offer to allow through advertisement or otherwise, any3 person to occupy any cooperative housing unit unless the cooperative housing unit has been4 issued a valid cooperative housing license by the city manager.5 10-11-3. – Cooperative Housing Licenses.6 (a) License terms shall be as follows:
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Limited equity cooperative means a cooperative operating on a property owned in part by
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Related to Limited equity cooperative

  • Manager-managed limited liability company means a limited liability company that is managed by

  • Limited Liability Company Interests means the entire limited liability company membership interest at any time owned by any Pledgor in any limited liability company.

  • Member-managed limited liability company means a limited liability company that is not a manager-managed limited liability company.

  • Limited Condition Acquisition means any acquisition of an Acquired Entity or Business by the Borrower or any Restricted Subsidiary the consummation of which is not conditioned on the availability of financing.

  • Public-private partnership agreement means an agreement

  • Pledged Partnership Agreements means all of each Grantor’s rights, powers, and remedies under the partnership agreements of each of the Pledged Companies that are partnerships.

  • Limited liability company means a limited liability company formed under Chapter 1705 of the Ohio Revised Code or under the laws of another state.

  • Foreign limited liability limited partnership means a foreign limited partnership whose general partners have limited liability for the obligations of the foreign limited partnership under a provision similar to section 488.404, subsection 3.

  • Pledged Equity has the meaning specified in the Security Agreement.

  • Asset Management Company/UTI AMC/AMC/Investment Manager means the UTI Asset Management Company Limited incorporated under the Companies Act, 1956, (1 of 1956) [replaced by The Companies Act, 2013 (No.18 of 2013)] and approved as such by Securities and Exchange Board of India (SEBI) under sub-regulation (2) of Regulation 21 to act as the Investment Manager to the schemes of UTI Mutual Fund.

  • Securities Financing Transactions means repurchase agreements, reverse repurchase agreements, securities lending agreements and any other transactions within the scope of SFTR that a Fund is permitted to engage in;

  • Pledged Operating Agreements means all of each Grantor’s rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies.

  • Limited Liability Company Assets means all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned or represented by any Limited Liability Company Interest.

  • Land acquisition means the taking of or alienation of land, buildings or other assets thereon for purposes of the Project.

  • Investment Management Agreement means the Investment Management Agreement made