,i #aagth ,,congress #b;d ,session ,h4 ,r4 #gfig ,,in ,,the ,,house ,,of ,,representatives ,may #aj1 #bjbb,mr4 ,bowman 7for himself1 ,ms4 ,ocasio-,cortez1 ,ms4 ,clarke of ,new ,york1 ,mr4 ,jones1 ,ms4 ,tlaib1 ,mrs4 ,watson ,coleman1 and ,ms4 ,omar7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,transportation and ,infrastructure1 and ,energy and ,commerce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to support the development of limited equity cooperatives in the ,united ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,affordable ,,co-,,op 7,collective ,opportunities for ,owning ,property7 ,act4 #b4 ,findings ,the ,congress finds the following3 7#a7 ,limited equity cooperative housing stems from the premise that housing should provide shelter1 not a speculative opportunity4 ,residents purchase a below market-rate equity share of the cooperative corporation that owns the property of the cooperative and residents are charged affordable monthly carrying charges4 ,the amount the share price increases over time is limited by the cooperative by-laws1 creating an affordable entry point into housing that stays affordable over time4 ,members can sell their equity share at a specific rate to maintain affordability over a longer time period4 ,in this way1 limited equity cooperatives provide an important form of affordable homeownership and foster community among shareholders4 7#b7 ,over #a4e million families and seniors benefit from cooperative housing models in the ,united ,states4 ,there are over #bjj1jjj units of limited equity housing units across the ,nation4 ,limited equity cooperatives range in size1 from single family detached cooperative structures to dense1 mixed-use1 multi-family models4 7#c7 ,the largest limited equity housing cooperative in ,north ,america is ,co-op ,city1 located in the ,bronx1 ,new ,york4 ,co-op ,city provides over #dd1jjj residents with affordable1 democratically controlled housing in an increasingly expensive region4 ,this community can serve as a model for the nation on how to build and sustain decommodified housing and homeownership opportunities for those who are disproportionately exploited by the traditional housing market1 banking1 and credit system1 including ,black and brown households1 low-income households1 seniors1 and people with disabilities4 7#d7 ,limited equity cooperatives do not enjoy strong ,federal support relative to other forms of homeownership4 #c4 ,increased production of new limited equity cooperatives 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 not later than #a year after the date of the enactment of this ,act1 establish a program to provide zero interest loans to nonprofit and public sector entities for the pre-development1 acquisition1 development1 rehabilitation1 or conversion of buildings into limited equity cooperatives4 7b7 ,use of loaned amounts ,each entity provided a loan under this section may use such amounts to make loans to intermediaries1 including community development financial institutions1 credit unions1 minority depository institutions and cooperative financial institutions to support the ability of residents ability to afford downpayments and monthly carrying charges4 7c7 ,loan amount ,loans provided under this section shall be in an amount equal to not more than #ie percent of the total cost of a project undertaken by an entity4 7d7 ,reserve ,the ,secretary of ,housing and ,urban ,development shall use not less than #bj percent of any amounts appropriated under this section to provide financial support to limited equity cooperatives for which not less than #ej percent of the households have an annual income that is less than #fj percent of the area median income4 7e7 ,conditions ,the ,secretary of ,housing and ,urban ,development shall require entities participating in the program established pursuant to subsection 7a7 to-- 7#a7 minimize evictions of-- 7,a7 tenants residing in properties undergoing conversions to limited equity cooperatives using amounts provided under this section2 and 7,b7 residents that will reside in limited equity cooperatives developed using amounts provided under this section2 7#b7 ensure that unit and building design supports the needs of older residents and residents with disabilities2 7#c7 ensure that unit and building design1 to the greatest extent practicable1 rely on renewable energy and sustainable building models that support a just transition from fossil fuels2 7#d7 comply with all requirements of the ,fair ,housing ,act of #aifh2 7#e7 to the greatest extent possible1 not limit access to limited equity housing cooperatives based on the eviction history or credit report of a prospective resident2 7#f7 ensure that units built with amounts provided under this section are1 to the greatest extent possible-- 7,a7 permanently affordable2 7,b7 available to households with an annual income that is less than #abj percent of the area median income2 and 7,c7 available to households with an income that is above the ,federal poverty line but below the estimated cost of living in a geographic area2 7#g7 use community land trust models to ensure permanent affordability of the land underlying the property2 7#h7 in the case of an entity developing or rehabilitating mixed-use limited equity housing cooperatives1 the entity shall to the degree possible1 colocate cooperative businesses1 especially those owned and democratically controlled by employees1 on the site of the limited equity cooperative2 and 7#i7 to the greatest extent applicable1 ensure that all laborers and mechanics employed by the entity in the performance of construction1 alteration1 repair1 or maintenance work financed in whole or in part with assistance under this section be paid wages at rates not less than those prevailing on similar construction in the locality1 as determined by the ,secretary of ,labor1 in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code 7commonly known as the ,davis ,bacon ,act74 7f7 ,authorization of appropriations ,there are authorized to be appropriated1 in fiscal years #bjbc to #bjcc to the ,secretary of ,housing and ,urban ,development such sums necessary to carry out this section4 #d4 ,insurance of limited equity cooperative mortgages 7a7 ,insurance of mortgages ,section #bac of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agae;e7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#b71 by striking or at the end2 7,b7 in paragraph 7#c71 by striking the period at the end and inserting or22 and 7,c7 by inserting after paragraph 7#c7 the following3 7#d7 a limited equity cooperative4 2 and 7#b7 by adding at the end the following3 7q7 ,notwithstanding any other provision of this section the ,secretary may waive or specify alternative requirements for limited equity cooperatives if the ,secretary determines that such waiver or alternative requirement would advances the needs of the development1 rehabilitation1 or preservation of limited equity cooperatives4 7r7 ,limited equity cooperative defined ,the term limited equity cooperative has the meaning given the term in the ,affordable ,,co-,,op 7,collective ,opportunities for ,owning ,property7 ,act4 4 #e4 ,affordable housing cooperative community fund grant program 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 not later than #a year after the date of the enactment of this ,act1 establish a ,affordable ,cooperative ,community ,fund ,grant ,program to provide discretionary grants to ,states with limited or zero equity cooperative housing to be used to finance community development activities for limited equity cooperative residents1 including-- 7#a7 improving the physical condition of limited equity cooperative property1 including upgrades to affordable cooperative housing structures that support accessibility1 visitability of common areas1 retrofits to improve climate resiliency or reduce household energy burdens1 efforts to include or improve broadband1 and to support community and wellness programming2 7#b7 activities to further promote democratic1 transparent governance2 7#c7 coordinating programming for individuals living in permanently affordable limited or zero-equity cooperative housing1 including support for older adults to age in community2 and 7#d7 activities to support the co-location of cooperative businesses1 including child care centers and elder care centers4 7b7 ,subgrants ,any ,state that receives an amount under this section may make subgrants of such amount to-- 7#a7 limited equity cooperatives2 7#b7 community organizations that support the health1 financial stability1 and well-being of the residents of limited equity cooperativesor improve the physical condition1 including accessibility features1 of limited equity cooperatives2 7#c7 ,housing ,development ,finance ,corporations2 and 7#d7 nonprofit housing developers that provide development services designed to create and preserve limited equity housing cooperatives4 7c7 ,requirement ,any amounts provided to a ,state under this section that are used for improving the physical condition of limited cooperative housing properties should be used1 to the greatest extent practicable1 in a manner that supports a just transition away from fossil fuel energy consumption and protects households residing in limited equity cooperatives from the threats of climate change4 7d7 ,authorization of appropriation ,there are authorized to be appropriated to the ,secretary of ,housing and ,urban ,development #a1jjj1jjj1jjj to carry out this section in each of fiscal years #bjbc through #bjcc4 #f4 ,weatherization 7a7 ,in general ,the ,secretary of ,housing and ,urban ,development and the ,secretary of ,energy shall jointly identify limited equity cooperatives that are eligible for the weatherization assistance program and issue guidance to ,states with respect to how to support weatherization efforts within these limited equity cooperatives4 7b7 ,guidance ,when developing guidance pursuant to subsection 7a71 ,secretary of ,housing and ,urban ,development and the ,secretary of ,energy shall1 to the greatest extent practicable1 ensure that guidelines do not further restrict weatherization assistance program eligibility4 #g4 ,disaster relief 7a7 ,in general ,section #djh7;c77#b77;,a7 of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagd7;c77#b77;,a77 is amended-- 7#a7 in clause 7i71 by striking and at the end2 7#b7 in clause 7ii71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7iii7 the repair and rehabilitation of shared elements of the home or apartment structure in limited equity cooperatives1 as such term is defined in the ,affordable ,,co-,,op 7,collective ,opportunities for ,owning ,property7 ,act4 4 7b7 ,prohibition ,if a major disaster or emergency is declared under section #dja or #eja or a public health emergency is declared under section #cai of the ,public ,health ,service ,act residents living in cooperative housing may not be barred from receiving assistance exclusively due to their residence in a cooperative housing structure4 #h4 ,office of shared equity housing 7a7 ,establishment 7#a7 ,in general ,the ,secretary of ,housing and ,urban ,development shall1 not later than #ahj days after the date of the enactment of this ,act1 establish an ,office of ,shared ,equity ,housing to be headed by a ,special ,assistant for ,cooperatives4 7#b7 ,responsibilities ,the ,office of ,shared ,equity ,housing shall-- 7,a7 support ,federal policies and programs related to the development and sustainment of permanently affordable shared equity housing models1 including limited equity cooperatives1 zero-equity cooperatives1 and community land trusts2 7,b7 provide technical assistance to ,states and units of local government with respect to shared equity housing models1 including limited equity cooperatives and community land trusts and ,mutual ,housing ,associations2 7,c7 participate in the ,interagency ,working ,group on ,cooperative ,development1 and work with other members of the ,interagency ,working ,group on ,cooperative ,development to explore how1 to the greatest extent possible1 the ,federal ,government can support robust financial support for schools located in school districts with limited equity cooperatives2 and 7,d7 not later than #a year after the date of the enactment of this section1 and each year there after1 publish on the website of the ,office1 the number of limited equity cooperatives in the ,united ,states4 7b7 ,guidance ,the ,secretary of ,housing and ,urban ,development1 acting through the ,special ,assistant for ,cooperatives1 shall1 not later that #a year after the date of the enactment of this ,act1 issue guidance to ,states and units of local government that encourages the elimination of barriers to financing1 developing1 maintaining1 and sustaining limited equity cooperatives4 7c7 ,report ,the ,secretary of ,housing and ,urban ,development1 acting through the ,special ,assistant for ,cooperatives1 shall1 not later than #c years after the date of the enactment of this ,act1 issue a report to ,congress that includes-- 7#a7 an analysis of the impact on the loan program established under section #c2 7#b7 an analysis of current and historical ,federal programs administered by the ,secretary of ,housing and ,urban ,development and the ,secretary of the ,treasury that support or have supported the production or preservation of limited equity cooperatives1 including a review of the role of project based rental assistance in funding limited equity cooperatives2 7#c7 an identification of barriers to using existing ,federal funding to support for limited equity cooperatives2 and 7#d7 recommendations for the ,congress with respect to how to further support ,federal funding for limited equity cooperatives4 7d7 ,contracting ,the ,assistance ,secretary for ,cooperatives may enter contracts with nonprofit organizations to provide technical assistance services4 7e7 ,authorization of appropriations ,there are authorized to be appropriated to the ,secretary1 such sums necessary to carry out the administrative activities of the ,office of ,cooperatives4 #i4 ,definitions ,in this ,act3 7#a7 ,limited equity cooperative ,the term limited equity cooperative means a shared equity affordable homeownership model in which-- 7,a7 residents purchase a share in a residential development and commit to resell their share at a price that maintains affordability at purchase and over the long term2 7,b7 residents control the operation and management of a residential development on a one-member-resident1 one-vote basis2 7,c7 membership is offered without discrimination to the general public2 and 7,d7 a commitment is made to a shareshare or membership price that maintains affordability at purchase and over the long term4 7#b7 ,older resident ,the term older resident means a household composed of one or more persons at least one of whom is #fb years of age or more at the time of occupancy4