Housing Cooperatives for Affordable Housing
Limited Equity Housing Cooperatives (LECs) are a form of housing cooperatives that allow affordable housing through a purchase of shares of stock. A resident can pay a price for stock that is significantly less than a down payment on a house, as well as a monthly price to live in an LEC. An LEC is run by a board of directors that consist of the residents of the building. The residents decide how to improve the building with money received from them as a whole. LECs can lower cost of housing for residents in the community. Rents and mortgage costs are higher than ever, too high for many residents in Baltimore. LECs work to make cost lower and less burdensome.