CER 23-0165 — The National Co-op Recognition Resolution of 2019

GiENROLLED —ORIGINAL ,A CharmnPhlMedesonCEREMONIAL CounilmmbrAniaBond_RESOLUTION Councilmember23-165 BrianneIN K,THE rayonCOUNCIL White,OF Sr.THE DISTRICT OF COLUMBIA September 17, 2019 To officially recognize National Co-op Month;

Councilmemberto Elissaraise Sawareness Aabout CEREMONIALthe RESOLUTIONimportance INof THElimited-equity COUNCILcooperatives OFand THEthe DISTRICTmany OFbenefits COLUMBIAthey =bring nto TofiilyrconieNtinlCo-pMonh;toasewaenssaoutheiprtnceftheir umembers, sroudigcomuiie,the adteDsrctfCoumia;oenouagehepeevainofsurrounding ucommunities, xitngimtd-qiycopraivsadtheretonfnewlmie-qutyooeatvsand cthe ntheitit;ndtosalshtelmie-qutyooeatvehusngmdelsausflDistrict Sof advtltolntheraerfortoiceaetesocofffrdbleouingnteColumbia; S DsrctfColumbia.

WHEREAS,to iitdeuiycoprtie(LEC)snafodalehuingmdelwerbyencourage o-andmdeat-icoereietsaealeopuchsehusngsaestbeowmaketrcthe hreymakinghomwnrsippsibetomanyoefaiis:preservation of existing limited-equity cooperatives and the creation of new limited-equity cooperatives in the District;

WHEREAS,and to establish the resalelimited-equity pricecooperative ofmembershiphousing sharesmodel islimitedas a useful and vital tool in anthe LECgreater inordereffort to keepincrease the housingstock of affordable forhousing futurein low-the andDistrict moderate-incomeof residents;Columbia.

WHEREAS,LECseunqulyoclogniaiostatrigawievaitofoca,WHEREAS, utrl,ndecnoicbnft,reores,ndsricstotsmemberdtheuroudnga omniis,limited-equity ndcaneoprtcuarseinleitigtehosngafrdbltyrssfondincooperative ajruranaesofurcunr;(LEC) is an affordable housing model whereby low- and moderate-income residents are able to purchase housing shares at below market prices, thereby making home ownership possible to many more families;

WHEREAS,hexitneothecopraiemoeldaesackoteInutilWHEREAS, evltinasanfetiemeansridiiulsadfaiiesihliiedrsuresouitendthe uiltenedoftheagerrup;resale price of membership shares is limited in an LEC in order to keep the housing affordable for future low- and moderate-income residents;

WHEREAS, intheLECs 1950sare uniquely local organizations that bring a wide variety of social, cultural, and economic benefits, resources, and services to its members and the Unitedsurrounding Statescommunities, Congressand establishedcan sectionbe 213oftheof Nationalparticular Housinguse Actin (12alleviating U.S.C.the housing affordability crisis found in major urban areas of our country;

1715e),WHEREAS, whichthe enabledexistence nonprofitof the cooperative housingmodel opoaiosadtrsstootrtedeelpmntfhousingmmniiesobeoeatdasdates opraies;back to the Industrial Revolution as an effective means for individuals and families with limited resources to unite and fulfill the needs of the larger group;

WHEREAS,aioalCo-opMontsbenanainalybsrvdceertinsnceWHEREAS, 96,whenorerUS.ScetryfAgiulueOrileFreemarcliedOcobrasin NtinlCo-oponh”,ithhetemeorhe219anuloberanebeng“oop:Bythethe CommunitorheCommunity”;1950s the United States Congress established section 213 of the National Housing Act (12 U.S.C.

WHEREAS,1715e), thewhich Councilenabled ofthenonprofit DistrictofColumbiacooperative establishedhousing thecorporations Limitedand Equitytrusts opeatveTaskrceoprvdecomprehensliyrecommendationsoheitrctto LECsfoster improvethe theirorganizationaldevelopment structuresof andhousing financialcommunities situationsto toachievebe financiallyngoperated tblt;as cooperatives;

WHEREAS,LECsquresisacefomagvermetagncyoroprftWHEREAS, ranztininhestbismntadmanagemefaNational cniualyucesflLEC;Co-op Month has been a nationally observed celebration since 1964, when former U.S.

WHEREAS,heimte-qutyCopraieTaskorehasoudthtteeiseceofSecretary liiedeutycoertvesilof epalvaetheouingfodbiiyciisndtatheAgriculture ovrnenoftheititofColumbioldspprtforstoetrtanandnggeones;Orville Freeman proclaimed October as ENROLLED ORIGINAL “National Co-op Month”, with the theme for the 2019 annual observance being “Co-ops:

RESOLVED,By BYthe THECommunity, COUNCILFor OFthe THECommunity”; DISTRICT OF COLUMBIA, That this resolution may be citedas “The National Co-op Recognition Resolution of2019”.

TheWHEREAS, Councilofthethe Council of the District of Columbia officiallyestablished recognizesthe andLimited celebratesEquity NationalCooperative Co-Task pMonhandaknwldgsthttecopraiebuiessodl,priuaryteliie-eutyForce opeaiveouingodl,to ulstrnercmmniiesadcaneusdtoefcielyomatprovide comprehensive policy recommendations on how the housingDistrict affordabilitycan crisisassist in the Districtformation of Columbia.new limited-equity cooperatives and to help currently struggling LECs improve their organizational structures and financial situations to achieve financially stability;

WHEREAS, LECs require assistance from a government agency or nonprofit organization in the establishment and management of a continually successful LEC;

WHEREAS, the Limited-Equity Cooperative Task Force has found that the existence of limited equity cooperatives will help alleviate the housing affordability crisis and that the government of the District of Columbia should support efforts to better train and engage owners;

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as “The National Co-op Recognition Resolution of 2019”.

The Council of the District of Columbia officially recognizes and celebrates National Co- op Month and acknowledges that the cooperative business model, particularly the limited-equity cooperative housing model, builds stronger communities and can be used to effectively combat the housing affordability crisis in the District of Columbia.

This resolutionshalltakeresolution effectimmediatelyshall take effect immediately upon the firstdatefirst ofpublicationdate of publication in the DistrictofColumbiaDistrict of Columbia Register.