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House committee continues H.757 review, flags sublease limits and funding rules for limited-equity cooperatives
Summary
Lawmakers reviewed H.757, focusing on how limited-equity cooperatives (LECs) are defined and treated in the bill: proposed changes would limit subleased rent to fair-market rent for older LECs, bar subleasing for new LECs without hardship waivers, and instruct the state to treat LECs as nonprofits for certain funding purposes.
The House Committee on General and Housing on Jan. 27 continued its review of H.757, a bill that would revise how Vermont treats manufactured homes and limited-equity cooperatives (LECs). Committee members and Legislative Counsel Cameron Wood spent the session parsing statutory definitions, sublease limits and the implications of treating LECs as nonprofits for state funding.
Wood, of the Office of Legislative Council, told the committee the cooperative-housing provisions sit in Title 11 (corporations) and include a specific section for limited-equity cooperatives (section 15-98). "The purpose of this chapter is to foster creation and preservation of affordable housing in Vermont by enabling individuals to form cooperative housing corporations, including a limited equity cooperative," he said, describing statutory limits that require transfer values to be set by formulas in the articles of incorporation so membership remains affordable.
Why it matters: The bill contains several…
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