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.
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:
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,
More Definitions of Limited equity cooperative
Limited equity cooperative means a limited equity Housing Cooperative that limits the return allowed when its shares are sold.
Limited equity cooperative. ’ means a shared equity
Limited equity cooperative means a cooperative corporation formed under ORS
Limited equity cooperative means a cooperative corporation
Limited equity cooperative means a cooperative housing corporation, organized in