,i #aag? ,,congress #b;d ,session ,h4 ,r4 #gfig ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #aj1 #bjbb,mr4 ,b[man 7= himself1 ,ms4 ,ocasio-,cortez1 ,ms4 ,cl>ke ( ,new ,york1 ,mr4 ,jones1 ,ms4 ,tlaib1 ,mrs4 ,watson ,coleman1 & ,ms4 ,om>7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committees on ,transportation & ,infra/ructure1 & ,en]gy & ,comm]ce1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to support ! developm5t ( limit$ equity coop]atives 9 ! ,unit$ ,/ates1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,,co-,,op 7,collective ,opportunities = ,own+ ,prop]ty7 ,act4 #b4 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,limit$ equity coop]ative h\s+ /ems f ! premise t h\s+ %\ld provide %elt]1 n a speculative opportunity4 ,resid5ts pur*ase a bel[ m>ket-rate equity %>e ( ! coop]ative corporation t owns ! prop]ty ( ! coop]ative & resid5ts are *>g$ af=dable mon?ly c>ry+ *>ges4 ,! am\nt ! %>e price increases ov] "t is limit$ by ! coop]ative by-laws1 creat+ an af=dable entry po9t into h\s+ t /ays af=dable ov] "t4 ,memb]s c sell _! equity %>e at a specific rate to ma9ta9 af=dability ov] a long] "t p]iod4 ,9 ?is way1 limit$ equity coop]atives provide an important =m ( af=dable home[n]%ip & fo/] community among %>ehold]s4 7#b7 ,ov] #a4e million families & s5iors b5efit f coop]ative h\s+ models 9 ! ,unit$ ,/ates4 ,!re are ov] #bjj1jjj units ( limit$ equity h\s+ units across ! ,nation4 ,limit$ equity coop]atives range 9 size1 f s+le family deta*$ coop]ative /ructures to d5se1 mix$-use1 multi-family models4 7#c7 ,! l>ge/ limit$ equity h\s+ coop]ative 9 ,nor? ,am]ica is ,co-op ,city1 locat$ 9 ! ,bronx1 ,new ,york4 ,co-op ,city provides ov] #dd1jjj resid5ts ) af=dable1 democratically controll$ h\s+ 9 an increas+ly exp5sive region4 ,?is community c s]ve z a model = ! nation on h[ to build & su/a9 decommodifi$ h\s+ & home[n]%ip opportunities = ^? :o are disproportionately exploit$ by ! traditional h\s+ m>ket1 bank+1 & cr$it sy/em1 includ+ ,black & br[n h\seholds1 l[-income h\seholds1 s5iors1 & p ) disabilities4 7#d7 ,limit$ equity coop]atives d n enjoy /rong ,f$]al support relative to o!r =ms ( home[n]%ip4 #c4 ,increas$ production ( new limit$ equity coop]atives 7a7 ,9 g5]al ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all1 n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 e/abli% a program to provide z]o int]e/ loans to nonpr(it & public sector entities = ! pre-developm5t1 acquisition1 developm5t1 rehabilitation1 or conv]sion ( build+s into limit$ equity coop]atives4 7b7 ,use ( loan$ am\nts ,ea* entity provid$ a loan "u ?is section may use su* am\nts to make loans to int]m$i>ies1 includ+ community developm5t f9ancial in/itutions1 cr$it unions1 m9ority depository in/itutions & coop]ative f9ancial in/itutions to support ! ability ( resid5ts ability to af=d d[npaym5ts & mon?ly c>ry+ *>ges4 7c7 ,loan am\nt ,loans provid$ "u ?is section %all be 9 an am\nt equal to n m ?an #ie p]c5t ( ! total co/ ( a project und]tak5 by an entity4 7d7 ,res]ve ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all use n less ?an #bj p]c5t ( any am\nts appropriat$ "u ?is section to provide f9ancial support to limit$ equity coop]atives = :i* n less ?an #ej p]c5t ( ! h\seholds h an annual income t is less ?an #fj p]c5t ( ! area m$ian income4 7e7 ,conditions ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all require entities p>ticipat+ 9 ! program e/abli%$ pursuant to subsection 7a7 to-- 7#a7 m9imize evictions (-- 7,a7 t5ants resid+ 9 prop]ties und]go+ conv]sions to limit$ equity coop]atives us+ am\nts provid$ "u ?is section2 & 7,b7 resid5ts t w reside 9 limit$ equity coop]atives develop$ us+ am\nts provid$ "u ?is section2 7#b7 ensure t unit & build+ design supports ! ne$s ( old] resid5ts & resid5ts ) disabilities2 7#c7 ensure t unit & build+ design1 to ! greate/ ext5t practicable1 rely on r5ewable en]gy & su/a9able build+ models t support a j transition f fossil fuels2 7#d7 comply ) all requirem5ts ( ! ,fair ,h\s+ ,act ( #aifh2 7#e7 to ! greate/ ext5t possible1 n limit access to limit$ equity h\s+ coop]atives bas$ on ! eviction hi/ory or cr$it report ( a prospective resid5t2 7#f7 ensure t units built ) am\nts provid$ "u ?is section are1 to ! greate/ ext5t possible-- 7,a7 p]man5tly af=dable2 7,b7 available to h\seholds ) an annual income t is less ?an #abj p]c5t ( ! area m$ian income2 & 7,c7 available to h\seholds ) an income t is above ! ,f$]al pov]ty l9e b bel[ ! e/imat$ co/ ( liv+ 9 a geographic area2 7#g7 use community l& tru/ models to ensure p]man5t af=dability ( ! l& und]ly+ ! prop]ty2 7#h7 9 ! case ( an entity develop+ or rehabilitat+ mix$-use limit$ equity h\s+ coop]atives1 ! entity %all to ! degree possible1 colocate coop]ative bus9esses1 especially ^? own$ & democratically controll$ by employees1 on ! site ( ! limit$ equity coop]ative2 & 7#i7 to ! greate/ ext5t applicable1 ensure t all labor]s & me*anics employ$ by ! entity 9 ! p]=mance ( con/ruction1 alt]ation1 repair1 or ma9t5ance "w f9anc$ 9 :ole or 9 "p ) assi/ance "u ?is section be paid wages at rates n less ?an ^? prevail+ on simil> con/ruction 9 ! locality1 z det]m9$ by ! ,secret>y ( ,labor1 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,davis ,bacon ,act74 7f7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$1 9 fiscal ye>s #bjbc to #bjcc to ! ,secret>y ( ,h\s+ & ,urban ,developm5t su* sums necess>y to c>ry out ?is section4 #d4 ,insurance ( limit$ equity coop]ative mortgages 7a7 ,insurance ( mortgages ,section #bac ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agae;e7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#b71 by /rik+ or at ! end2 7,b7 9 p>agraph 7#c71 by /rik+ ! p]iod at ! end & ins]t+ or22 & 7,c7 by ins]t+ aft] p>agraph 7#c7 ! foll[+3 7#d7 a limit$ equity coop]ative4 2 & 7#b7 by add+ at ! end ! foll[+3 7q7 ,not)/&+ any o!r provision ( ?is section ! ,secret>y may waive or specify alt]native requirem5ts = limit$ equity coop]atives if ! ,secret>y det]m9es t su* waiv] or alt]native requirem5t w\ld advances ! ne$s ( ! developm5t1 rehabilitation1 or pres]vation ( limit$ equity coop]atives4 7r7 ,limit$ equity coop]ative def9$ ,! t]m limit$ equity coop]ative has ! mean+ giv5 ! t]m 9 ! ,af=dable ,,co-,,op 7,collective ,opportunities = ,own+ ,prop]ty7 ,act4 4 #e4 ,af=dable h\s+ coop]ative community fund grant program 7a7 ,9 g5]al ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all1 n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 e/abli% a ,af=dable ,coop]ative ,community ,fund ,grant ,program to provide discretion>y grants to ,/ates ) limit$ or z]o equity coop]ative h\s+ to be us$ to f9ance community developm5t activities = limit$ equity coop]ative resid5ts1 includ+-- 7#a7 improv+ ! physical condition ( limit$ equity coop]ative prop]ty1 includ+ upgrades to af=dable coop]ative h\s+ /ructures t support accessibility1 visitability ( common areas1 retr(its to improve climate resili5cy or r$uce h\sehold en]gy burd5s1 ef=ts to include or improve broadb&1 & to support community & wellness programm+2 7#b7 activities to fur!r promote democratic1 transp>5t gov]nance2 7#c7 coord9at+ programm+ = individuals liv+ 9 p]man5tly af=dable limit$ or z]o-equity coop]ative h\s+1 includ+ support = old] adults to age 9 community2 & 7#d7 activities to support ! co-location ( coop]ative bus9esses1 includ+ *ild c>e c5t]s & eld] c>e c5t]s4 7b7 ,subgrants ,any ,/ate t receives an am\nt "u ?is section may make subgrants ( su* am\nt to-- 7#a7 limit$ equity coop]atives2 7#b7 community organizations t support ! heal?1 f9ancial /ability1 & well-be+ ( ! resid5ts ( limit$ equity coop]ativesor improve ! physical condition1 includ+ accessibility features1 ( limit$ equity coop]atives2 7#c7 ,h\s+ ,developm5t ,f9ance ,corporations2 & 7#d7 nonpr(it h\s+ develop]s t provide developm5t s]vices design$ to create & pres]ve limit$ equity h\s+ coop]atives4 7c7 ,requirem5t ,any am\nts provid$ to a ,/ate "u ?is section t are us$ = improv+ ! physical condition ( limit$ coop]ative h\s+ prop]ties %\ld be us$1 to ! greate/ ext5t practicable1 9 a mann] t supports a j transition away f fossil fuel en]gy consumption & protects h\seholds resid+ 9 limit$ equity coop]atives f ! ?reats ( climate *ange4 7d7 ,au?orization ( appropriation ,!re are au?oriz$ to be appropriat$ to ! ,secret>y ( ,h\s+ & ,urban ,developm5t #a1jjj1jjj1jjj to c>ry out ?is section 9 ea* ( fiscal ye>s #bjbc ?r\gh #bjcc4 #f4 ,wea!rization 7a7 ,9 g5]al ,! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ,en]gy %all jo9tly id5tify limit$ equity coop]atives t are eligible = ! wea!rization assi/ance program & issue guidance to ,/ates ) respect to h[ to support wea!rization ef=ts )9 ^! limit$ equity coop]atives4 7b7 ,guidance ,:5 develop+ guidance pursuant to subsection 7a71 ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ,en]gy %all1 to ! greate/ ext5t practicable1 ensure t guidel9es d n fur!r re/rict wea!rization assi/ance program eligibility4 #g4 ,disa/] relief 7a7 ,9 g5]al ,section #djh7;c77#b77;,a7 ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eagd7;c77#b77;,a77 is am5d$-- 7#a7 9 clause 7i71 by /rik+ & at ! end2 7#b7 9 clause 7ii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7iii7 ! repair & rehabilitation ( %>$ elem5ts ( ! home or ap>tm5t /ructure 9 limit$ equity coop]atives1 z su* t]m is def9$ 9 ! ,af=dable ,,co-,,op 7,collective ,opportunities = ,own+ ,prop]ty7 ,act4 4 7b7 ,prohibition ,if a major disa/] or em]g5cy is decl>$ "u section #dja or #eja or a public heal? em]g5cy is decl>$ "u section #cai ( ! ,public ,heal? ,s]vice ,act resid5ts liv+ 9 coop]ative h\s+ may n be b>r$ f receiv+ assi/ance exclusively due to _! resid5ce 9 a coop]ative h\s+ /ructure4 #h4 ,(fice ( %>$ equity h\s+ 7a7 ,e/abli%m5t 7#a7 ,9 g5]al ,! ,secret>y ( ,h\s+ & ,urban ,developm5t %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 e/abli% an ,(fice ( ,%>$ ,equity ,h\s+ to be head$ by a ,special ,assi/ant = ,coop]atives4 7#b7 ,responsibilities ,! ,(fice ( ,%>$ ,equity ,h\s+ %all-- 7,a7 support ,f$]al policies & programs relat$ to ! developm5t & su/a9m5t ( p]man5tly af=dable %>$ equity h\s+ models1 includ+ limit$ equity coop]atives1 z]o-equity coop]atives1 & community l& tru/s2 7,b7 provide te*nical assi/ance to ,/ates & units ( local gov]nm5t ) respect to %>$ equity h\s+ models1 includ+ limit$ equity coop]atives & community l& tru/s & ,mutual ,h\s+ ,associations2 7,c7 p>ticipate 9 ! ,int]ag5cy ,work+ ,gr\p on ,coop]ative ,developm5t1 & "w ) o!r memb]s ( ! ,int]ag5cy ,work+ ,gr\p on ,coop]ative ,developm5t to explore h[1 to ! greate/ ext5t possible1 ! ,f$]al ,gov]nm5t c support robu/ f9ancial support = s*ools locat$ 9 s*ool di/ricts ) limit$ equity coop]atives2 & 7,d7 n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 & ea* ye> !re aft]1 publi% on ! website ( ! ,(fice1 ! numb] ( limit$ equity coop]atives 9 ! ,unit$ ,/ates4 7b7 ,guidance ,! ,secret>y ( ,h\s+ & ,urban ,developm5t1 act+ ?r\gh ! ,special ,assi/ant = ,coop]atives1 %all1 n lat] t #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 issue guidance to ,/ates & units ( local gov]nm5t t enc\rages ! elim9ation ( b>ri]s to f9anc+1 develop+1 ma9ta9+1 & su/a9+ limit$ equity coop]atives4 7c7 ,report ,! ,secret>y ( ,h\s+ & ,urban ,developm5t1 act+ ?r\gh ! ,special ,assi/ant = ,coop]atives1 %all1 n lat] ?an #c ye>s aft] ! date ( ! enactm5t ( ?is ,act1 issue a report to ,congress t includes-- 7#a7 an analysis ( ! impact on ! loan program e/abli%$ "u section #c2 7#b7 an analysis ( curr5t & hi/orical ,f$]al programs adm9i/]$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,secret>y ( ! ,treasury t support or h support$ ! production or pres]vation ( limit$ equity coop]atives1 includ+ a review ( ! role ( project bas$ r5tal assi/ance 9 fund+ limit$ equity coop]atives2 7#c7 an id5tification ( b>ri]s to us+ exi/+ ,f$]al fund+ to support = limit$ equity coop]atives2 & 7#d7 recomm5dations = ! ,congress ) respect to h[ to fur!r support ,f$]al fund+ = limit$ equity coop]atives4 7d7 ,contract+ ,! ,assi/ance ,secret>y = ,coop]atives may ent] contracts ) nonpr(it organizations to provide te*nical assi/ance s]vices4 7e7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to ! ,secret>y1 su* sums necess>y to c>ry out ! adm9i/rative activities ( ! ,(fice ( ,coop]atives4 #i4 ,def9itions ,9 ?is ,act3 7#a7 ,limit$ equity coop]ative ,! t]m limit$ equity coop]ative means a %>$ equity af=dable home[n]%ip model 9 :i*-- 7,a7 resid5ts pur*ase a %>e 9 a resid5tial developm5t & commit to resell _! %>e at a price t ma9ta9s af=dability at pur*ase & ov] ! long t]m2 7,b7 resid5ts control ! op]ation & managem5t ( a resid5tial developm5t on a "o-memb]-resid5t1 "o-vote basis2 7,c7 memb]%ip is (f]$ )\t discrim9ation to ! g5]al public2 & 7,d7 a commitm5t is made to a %>e%>e or memb]%ip price t ma9ta9s af=dability at pur*ase & ov] ! long t]m4 7#b7 ,old] resid5t ,! t]m old] resid5t means a h\sehold compos$ ( "o or m p]sons at lea/ "o ( :om is #fb ye>s ( age or m at ! "t ( occupancy4