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Advocates tell House Finance bill on limited-equity cooperatives would reduce regulatory barriers
Summary
Briefing and testimony on HB 2590 described a change to exempt limited-equity cooperatives from the Uniform Common Interest Ownership Act by default and relocate and revise the definition into that statute; proponents said the bill reduces legal mismatches, lowers costs and protects long-term affordability.
Committee staff briefed members on substitute House Bill 2,590 on Feb. 6, 2026, explaining the bill's principal effect: limited-equity cooperatives (LECs) would be treated as exempt from the Washington Uniform Common Interest Ownership Act (WUCIOA/WOCIEWA) unless an LEC explicitly opted in.
Yelena Baker, staff to the Civil Rights and Judiciary Committee, said the tax statute's existing property-tax exemption for qualifying LECs would remain conditioned on the cooperative providing owned housing to…
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