Over the weekend the Governor signed another bill that SELC helped create! This bill, AB 569, will facilitate cooperative housing development in California, especially the creation of Limited Equity Housing Cooperatives (LEHCs). LEHCs provide residents with a unique form of equity stake in their home that restricts the resale value of shares to keep the prices low when regular market forces would otherwise drive them up.
This is the culmination of three years of work by a coalition of organizations, including the Sustainable Economies Law Center, the California Center for Cooperative Development, the Bay Area Community Land Trust, and other organizations that support affordable and cooperative housing throughout California. Assemblymember Ed Chau backed the bill and helped it through the legislative process.
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