Committee hears bill to exempt limited equity cooperatives from some WUCIOA requirements to preserve affordability
HB 2590 would exempt limited equity cooperatives (LECs) from certain provisions of the Washington Uniform Common Interest Ownership Act and related tax definitions to reduce duplication with lender requirements, ease formation and operation costs, and preserve long‑term affordability for resident‑owned communities.
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House Bill 2590 was presented on Jan. 27 as a measure to ease statutory and administrative barriers facing limited equity cooperatives (LECs), a model many housing advocates and community land trusts cite for permanently affordable homeownership.
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