Definitions. For the purposes of this subchapter, the term (1) 'Cooperative' means an association, whether incorporated or unincorporated, organized for the purpose of owning and operating residential real property in the District of Columbia, the shareholders or members of which, by reason of their ownership of a stock or membership certificate, a proprietary lease, or other evidence of membership, are entitled to occupy a dwelling unit pursuant to the terms of a proprietary lease or occupancy agreement. (2) '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. (July 3, 2018, D.C. Law 22-119, § 2, 65 DCR 5074; Feb. 23, 2023, D.C. Law 24-243, 69 DCR 15091; Feb. 23, 2023, D.C. Law 24-244, § 3, 69 DCR 15094.) Applicability Applicability of D.C. Law 24-244: § 4 of D.C. Law 24-244 provided that the change made to this section by § 3 of D.C. Law 24-244 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. 24-244: § 4 of D.C. Law 24-244 provided that the change made to this section by § 3 of D.C. Law 24-244 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.
District of Columbia Legal Code