Limited equity cooperative housing

From the 2024 DOR Tax Exemption Study

Home Forms & Publications Publications By Subject Special Notices Providing A Property Tax Exemption For Limited Equity Cooperative Housing Print Providing a property tax exemption for limited equity cooperative housing Issue Date June 09, 2022 Intended audience: County assessors, county treasurers, taxing districts, local governments, and limited equity cooperative housing organizations. Senate Bill 5713 provides a new exemption for real property owned by a limited equity cooperative (LEC) that provides owned housing for low-income households and changes the definition of “nonprofit” in RCW 84.36.800 to include a limited equity cooperative. “Limited equity cooperative” means a cooperative subject to the Washington uniform common interest ownership act under chapter 64.90 RCW that owns the real property for which an exemption is sought under this section and for which, following the completion of the development or redevelopment of such real property: Members are prevented from selling their ownership interests other than to a median-income or low-income household; and Members are prevented from selling their ownership interests for a sales price that exceeds the sum of: The sales