CNHED undertook the study of District limited-equity housing cooperatives in the spring of 2002. The goals of the study were to: determine whether or not LECS are still a viable affordable housing tool; learn what has happened to LECs formed in the District of Columbia; discover how many are still in existence, and what condition they are in; and, based on the results, make recommendations to abandon or strengthen this affordable housing tool.
The results of the Coalition’s research are overwhelmingly positive: 81 limited-equity have been formed in DC over the last 25 years, and 57 of those still exist as such. Surprisingly, public records indicate that only four of the LECs that did not continue were foreclosed upon. By far the greatest numbers lost are from sales to private owners. The study, however, focuses on the coops still in operation and the factors that appear to contribute to or threaten their continued success.
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