H.R. 7697 · 117th Congress
Affordable CO-OP (Collective Opportunities for Owning Property) Act
- Stage
- In committee
- Sponsor
- Jamaal Bowman
- Introduced
- 2022-05-10
- Latest action
- 2022-05-11 · Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.
Summary
Affordable CO-OP (Collective Opportunities for Owning Property) Act
This bill expands access to financing through zero-interest loans and federally backed mortgages for, and otherwise supports, limited equity cooperatives. These are models of affordable homeownership in which residents purchase a share in a residential development and commit to resell their share at a price that maintains affordability.