NCB/CDF support DC Limited Equity Housing Initiative
The National Cooperative Bank and CDF are helping the District of Columbia Limited Equity Cooperative (LEC) Task Force spread the word that LEC’s provide a stable affordable housing option for District residents faced with rapidly escalating housing costs. CDF will use a donation from NCB to enhance the DCHousing.Coop website to include an interactive map of existing DC LECs. Earlier in the year Capital Impact Partners provided a donation to CDF for initial funding for the site.
“The Task Force thanks the National Cooperative Bank and Capital Impact Partners for their support of this project. It is my hope that the work of the LEC Task Force will be a model for other cities to address the affordable housing crisis facing our nation. Limited equity housing cooperatives provide many people the best option for home ownership, building wealth and a better life,” said DC LEC Task Force Chair Paul Hazen.
In a 2019 report to the DC City Council, the Task Force recommended that the city establish a goal of increasing the number of LEC units in Washington by 45% by 2025 – from 4,400 units to 6400 units.