ENROLLED ORIGINAL
AN ACT
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IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
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To establish a Limited-Equity Cooperative Advisory Council to provide continuing
comprehensive policy recommendations to assist District residents and the District
government with improving existing limited-equity cooperatives, establishing new
limited equity cooperatives, and helping all limited-equity cooperatives succeed and
prosper.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
act may be cited as the Limited Equity Cooperative Advisory Council Act of 2022.
Sec. 2. Definitions.
For the purposes of this act, the term:
(1) Advisory Council means the Limited Equity Cooperative Advisory Council
established by section 3.
(2) Cooperative shall have the same meaning as given in the Limited Equity
Cooperative Task Force Act of 2018, effective July 3, 2018 (D.C. Law 22-119; D.C. Official
Code 42-2061(1)).
(3) Limited-Equity cooperative or LEC shall have the same meaning as in
D.C. Official Code 47-802(11).
Sec. 3. Establishment of the Limited-Equity Cooperative Advisory Council.
There is established a Limited-equity Cooperative Advisory Council to provide the
Council with comprehensive policy recommendations on how the District can assist in the
formation of new LECs and help existing LECs succeed.
Sec. 4. Membership.
(a) The composition of the Advisory Council shall be as follows:
(1) Up to 6 resident-owner representatives, each of whom who is currently a
board member of an LEC in the District; provided, that no 2 residents shall be from the board of
the same LEC;
(2) Two representatives from a community-based organization, including:
(A) One of whom has experience in the formation of LECs, including the
legal and organizational structure of the LEC; and
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(B) One of whom has experience in ongoing technical assistance required
to sustain LECs;
(3) One representative from a property management company that manages
cooperatives in the District;
(4) One representative from a development company that develops cooperatives
in the District;
(5) One representative from a financial entity that specializes in the financing of
LECs;
(6) One attorney who has experience working with LECs;
(7) One individual who has conducted significant academic research on LECs in
the District and elsewhere in the United States;
(8) Other representatives appointed by the Chairperson of the Council committee
responsible for housing issues;
(9) One representative from the Department of Housing and Community
Development (DHCD); and
(10) One representative from the District of Columbia Housing Finance Agency.
(b) The Chairperson of the Council committee responsible for housing issues shall
appoint the:
(1) Chair of the Advisory Council; and
(2) Advisory Council representatives designated in subsection (a)(1) through (8)
of this section.
(c) The members of the Advisory Council shall:
(1) Serve for a period of 2 years;
(2) Either reside or work in the District; and
(3) Serve without compensation.
(d) Meetings of the Advisory Council shall be open to the public.
(e) The Advisory Council shall meet at least 6 times each year.
(f) The Advisory Council may request administrative support from the Director of
DHCD, who shall provide support as the Director of DHCD and not as a member of the
Advisory Council for all such reasonable requests to prepare for the required reports and
meetings of the Advisory Council.
Sec. 5. Duties of the Advisory Council.
Each calendar year, the Advisory Council shall submit to the Council a 6-month
preliminary report and an annual comprehensive report on:
(1) Policy and legislative recommendations related to how the District can help
stabilize, strengthen, and preserve existing LECs, as well as how the District can best support the
formation of new LECs;
(2) Funding options and sources to assist in the formation of new LECs and to
provide technical support and assistance to LEC members and LEC boards in the District;
(3) How to establish appropriate government oversight to ensure that LEC boards
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have the necessary financial and structural management resources to help them succeed and
prosper; and
(4) Any other identified needs or requirements for the successful formation and
preservation of LECs in the District.
Sec. 6. Applicability.
(a) This act shall apply upon the date of inclusion of its fiscal effect is included in an
approved budget and financial plan.
(b) The Chief Financial Officer shall certify the date of the inclusion of the fiscal effect in
an approved budget and financial plan and provide notice to the Budget Director of the Council
of the certification.
(c)(1) The Budget Director shall cause the notice of the certification to be published in
the District of Columbia Register.
(2) The date of publication of the notice of the certification shall not affect the
applicability of this act.
Sec. 7. Fiscal impact statement.
The Council adopts the fiscal impact statement in the committee report as the fiscal
impact statement required by section 4a of the General Legislative Procedures Act of 1975,
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code 1-301.47a).
Sec. 8. Effective date.
This act shall take effect following approval by the Mayor (or in the event of veto by the
Mayor, action by the Council to override the veto), a 30-day period of congressional review as
provided in section 602(c)(l) of the District of Columbia Home Rule Act, approved December
24, 1973 (87 Stat. 813; D.C. Official Code l-206.02(c)(l)), and publication in the District of
Columbia Register.
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Chairman
Council of the District of Columbia
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Mayor
District of Columbia
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