For the purposes of this chapter, the term
(1) "Cooperative" means an association, whether incorporated or unincorporated, organized for the purpose of owning and operating residential real property in the District of Columbia, the shareholders or members of which, by reason of their ownership of a stock or membership certificate, a proprietary lease, or other evidence of membership, are entitled to occupy a dwelling unit pursuant to the terms of a proprietary lease or occupancy agreement.
(2) "Limited-equity cooperative" or "LEC" means a cooperative required by a government agency or nonprofit organization to limit the resale price of membership shares for the purpose of keeping the housing affordable to incoming members that are low- and moderate-income.
(July 3, 2018, D.C. Law 22-119, § 2, 65 DCR 5074.)
Structure District of Columbia Code