Conservation and Cooperative House Legislation
From our friends at Forterra
Forterra is advocating for conservation with an update to the Land Conservation and Local Infrastructure Program or LCLIP (SB 5823/HB 1243), the basis for our regional Transfer of Development Rights Program (TDR). Passage would generate revenue for traditional infrastructure, support growth in cities – while incentivizing wider use of TDR – and achieving greater conservation. The update gives cities greater flexibility in how it’s spent – including affordable housing – and helps conserve private farm and forest land in Pierce, King and Snohomish counties. Thirty-five cities are eligible to join the program with the potential to conserve 650,000 acres of land across the region.
Cooperative housing is a tool that can help lower costs of home ownership while centering housing on the needs of residents and their community. Unlike condominium residents who own their unit, co-op residents purchase stock in a corporation that owns the building and land. The nonprofit corporation is owned and governed entirely by the residents, not by outside investors. By establishing a state and local property tax exemption for affordable limited equity cooperatives (SB5713/HB 1350), passage of this legislation will help lower the down payments for co-op homebuyers. Making the dream of homeownership significantly more affordable and attainable for co-op residents such as in our Wadajir and Hilltop projects.
Want to know more? Track these bills here.