Exempts limited equity cooperatives from the Washington Uniform Common Interest Ownership Act.

The bill exempts limited equity cooperatives from the Washington Uniform Common Interest Ownership Act. These cooperatives must provide housing for low-income households and restrict the sale of ownership interests to other low-income households or at a price that does not exceed certain costs and returns. The exemption applies to real property owned by the cooperative if it benefits the cooperative and its members, and if the cooperative meets occupancy and usage requirements. If less than 100% of units are occupied by low-income households, a partial exemption is available.

Exempts limited equity cooperatives from the Washington Uniform Common Interest Ownership Act.

The bill exempts limited equity cooperatives from the Washington Uniform Common Interest Ownership Act. These cooperatives must provide housing for low-income households and restrict the sale of ownership interests to other low-income households or at a price that does not exceed certain costs and returns. The exemption applies to real property owned by the cooperative if it benefits the cooperative and its members, and if the cooperative meets occupancy and usage requirements. If less than 100% of units are occupied by low-income households, a partial exemption is available.