residents with affordable, democratically controlled 
housing in an increasingly expensive region. This 
community can serve as a model for the nation on 
how to build and sustain decommodified housing and 
homeownership opportunities for those who are dis-
proportionately exploited by the traditional housing 
market, banking, and credit system, including Black 
and brown households, low-income households, sen-
iors, and people with disabilities. 
(4) Limited equity cooperatives do not enjoy 
strong Federal support relative to other forms of 
homeownership. 
SEC. 3. INCREASED PRODUCTION OF NEW LIMITED EQUITY 
COOPERATIVES. 
(a) IN GENERAL.—The Secretary of Housing and 
Urban Development shall, not later than 1 year after the 
date of the enactment of this Act, establish a program to 
provide zero interest loans to nonprofit and public sector 
entities for the pre-development, acquisition, development, 
rehabilitation, or conversion of buildings into limited eq-
uity cooperatives. 
(b) USE OF LOANED AMOUNTS.—Each entity pro-
vided a loan under this section may use such amounts to 
make loans to intermediaries, including community devel-
opment financial institutions, credit unions, minority de-
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pository institutions and cooperative financial institutions 
to support the ability of residents ability to afford 
downpayments and monthly carrying charges. 
(c) LOAN AMOUNT.—Loans provided under this sec-
tion shall be in an amount equal to not more than 95 per-
cent of the total cost of a project undertaken by an entity. 
(d) RESERVE.—The Secretary of Housing and Urban 
Development shall use not less than 20 percent of any 
amounts appropriated under this section to provide finan-
cial support to limited equity cooperatives for which not 
less than 50 percent of the households have an annual in-
come that is less than 60 percent of the area median in-
come. 
(e) CONDITIONS.—The Secretary of Housing and 
Urban Development shall require entities participating in 
the program established pursuant to subsection (a) to— 
(1) minimize evictions of— 
(A) tenants residing in properties under-
going conversions to limited equity cooperatives 
using amounts provided under this section; and 
(B) residents that will reside in limited eq-
uity cooperatives developed using amounts pro-
vided under this section; 
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(2) ensure that unit and building design sup-
ports the needs of older residents and residents with 
disabilities; 
(3) ensure that unit and building design, to the 
greatest extent practicable, rely on renewable energy 
and sustainable building models that support a just 
transition from fossil fuels; 
(4) comply with all requirements of the Fair 
Housing Act of 1968; 
(5) to the greatest extent possible, not limit ac-
cess to limited equity housing cooperatives based on 
the eviction history or credit report of a prospective 
resident; 
(6) ensure that units built with amounts pro-
vided under this section are, to the greatest extent 
possible— 
(A) permanently affordable; 
(B) available to households with an annual 
income that is less than 120 percent of the area 
median income; and 
(C) available to households with an income 
that is above the Federal poverty line but below 
the estimated cost of living in a geographic 
area; 
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(7) use community land trust models to ensure 
permanent affordability of the land underlying the 
property; 
(8) in the case of an entity developing or reha-
bilitating mixed-use limited equity housing coopera-
tives, the entity shall to the degree possible, colocate 
cooperative businesses, especially those owned and 
democratically controlled by employees, on the site of 
the limited equity cooperative; and 
(9) to the greatest extent applicable, ensure 
that all laborers and mechanics employed by the en-
tity in the performance of construction, alteration, 
repair, or maintenance work financed in whole or in 
part with assistance under this section be paid 
wages at rates not less than those prevailing on 
similar construction in the locality, as determined by 
the Secretary of Labor, in accordance with sub-
chapter IV of chapter 31 of title 40, United States 
Code (commonly known as the ‘‘Davis Bacon Act’’). 
(f) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated, in fiscal years 2023 to 
2033 to the Secretary of Housing and Urban Development 
such sums necessary to carry out this section. 
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SEC. 4. INSURANCE OF LIMITED EQUITY COOPERATIVE 
MORTGAGES. 
(a) INSURANCE OF MORTGAGES.—Section 213 of the 
National Housing Act (12 U.S.C. 1715e) is amended— 
(1) in subsection (a)— 
(A) in paragraph (2), by striking ‘‘or’’ at 
the end; 
(B) in paragraph (3), by striking the pe-
riod at the end and inserting ‘‘or;’’; and 
(C) by inserting after paragraph (3) the 
following: 
‘‘(4) a limited equity cooperative.’’; and 
(2) by adding at the end the following: 
‘‘(q) Notwithstanding any other provision of this sec-
tion the Secretary may waive or specify alternative re-
quirements for limited equity cooperatives if the Secretary 
determines that such waiver or alternative requirement 
would advances the needs of the development, rehabilita-
tion, or preservation of limited equity cooperatives. 
‘‘(r) LIMITED EQUITY COOPERATIVE DEFINED.— 
The term ‘limited equity cooperative’ has the meaning 
given the term in the ‘Affordable CO-OP (Collective Op-
portunities for Owning Property) Act’.’’. 
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SEC. 5. AFFORDABLE HOUSING COOPERATIVE COMMUNITY 
FUND GRANT PROGRAM. 
(a) IN GENERAL.—The Secretary of Housing and 
Urban Development shall, not later than 1 year after the 
date of the enactment of this Act, establish a Affordable 
Cooperative Community Fund Grant Program to provide 
discretionary grants to States with limited or zero equity 
cooperative housing to be used to finance community de-
velopment activities for limited equity cooperative resi-
dents, including— 
(1) improving the physical condition of limited 
equity cooperative property, including upgrades to 
affordable cooperative housing structures that sup-
port accessibility, visitability of common areas, retro-
fits to improve climate resiliency or reduce household 
energy burdens, efforts to include or improve 
broadband, and to support community and wellness 
programming; 
(2) activities to further promote democratic, 
transparent governance; 
(3) coordinating programming for individuals 
living in permanently affordable limited or zero-eq-
uity cooperative housing, including support for older 
adults to age in community; and 
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(4) activities to support the co-location of coop-
erative businesses, including child care centers and 
elder care centers. 
(b) SUBGRANTS.—Any State that receives an amount 
under this section may make subgrants of such amount 
to— 
(1) limited equity cooperatives; 
(2) community organizations that support the 
health, financial stability, and well-being of the resi-
dents of limited equity cooperativesor improve the 
physical condition, including accessibility features, of 
limited equity cooperatives; 
(3) Housing Development Finance Corpora-
tions; and 
(4) nonprofit housing developers that provide 
development services designed to create and preserve 
limited equity housing cooperatives. 
(c) REQUIREMENT.—Any amounts provided to a 
State under this section that are used for improving the 
physical condition of limited cooperative housing prop-
erties should be used, to the greatest extent practicable, 
in a manner that supports a just transition away from 
fossil fuel energy consumption and protects households re-
siding in limited equity cooperatives from the threats of 
climate change. 
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(d) AUTHORIZATION OF APPROPRIATION.—There are 
authorized to be appropriated to the Secretary of Housing 
and Urban Development $1,000,000,000 to carry out this 
section in each of fiscal years 2023 through 2033. 
SEC. 6. WEATHERIZATION. 
(a) IN GENERAL.—The Secretary of Housing and 
Urban Development and the Secretary of Energy shall 
jointly identify limited equity cooperatives that are eligible 
for the weatherization assistance program and issue guid-
ance to States with respect to how to support weatheriza-
tion efforts within these limited equity cooperatives. 
(b) GUIDANCE.—When developing guidance pursuant 
to subsection (a), Secretary of Housing and Urban Devel-
opment and the Secretary of Energy shall, to the greatest 
extent practicable, ensure that guidelines do not further 
restrict weatherization assistance program eligibility. 
SEC. 7. DISASTER RELIEF. 
(a) IN GENERAL.—Section 408(c)(2)(A) of the Rob-
ert T. Stafford Disaster Relief and Emergency Assistance 
Act (42 U.S.C. 5174(c)(2)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
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‘‘(iii) the repair and rehabilitation of 
shared elements of the home or apartment 
structure in limited equity cooperatives, as 
such term is defined in the ‘Affordable CO- 
OP (Collective Opportunities for Owning 
Property) Act’.’’. 
(b) PROHIBITION.—If a major disaster or emergency 
is declared under section 401 or 501 or a public health 
emergency is declared under section 319 of the Public 
Health Service Act residents living in cooperative housing 
may not be barred from receiving assistance exclusively 
due to their residence in a cooperative housing structure. 
SEC. 8. OFFICE OF SHARED EQUITY HOUSING. 
(a) ESTABLISHMENT.— 
(1) IN GENERAL.—The Secretary of Housing 
and Urban Development shall, not later than 180 
days after the date of the enactment of this Act, es-
tablish an Office of Shared Equity Housing to be 
headed by a Special Assistant for Cooperatives. 
(2) RESPONSIBILITIES.—The Office of Shared 
Equity Housing shall— 
(A) support Federal policies and programs 
related to the development and sustainment of 
permanently affordable shared equity housing 
models, including limited equity cooperatives, 
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zero-equity cooperatives, and community land 
trusts; 
(B) provide technical assistance to States 
and units of local government with respect to 
shared equity housing models, including limited 
equity cooperatives and community land trusts 
and Mutual Housing Associations; 
(C) participate in the Interagency Working 
Group on Cooperative Development, and work 
with other members of the Interagency Working 
Group on Cooperative Development to explore 
how, to the greatest extent possible, the Federal 
Government can support robust financial sup-
port for schools located in school districts with 
limited equity cooperatives; and 
(D) not later than 1 year after the date of 
the enactment of this section, and each year 
there after, publish on the website of the Office, 
the number of limited equity cooperatives in the 
United States. 
(b) GUIDANCE.—The Secretary of Housing and 
Urban Development, acting through the Special Assistant 
for Cooperatives, shall, not later that 1 year after the date 
of the enactment of this Act, issue guidance to States and 
units of local government that encourages the elimination 
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of barriers to financing, developing, maintaining, and sus-
taining limited equity cooperatives. 
(c) REPORT.—The Secretary of Housing and Urban 
Development, acting through the Special Assistant for Co-
operatives, shall, not later than 3 years after the date of 
the enactment of this Act, issue a report to Congress that 
includes— 
(1) an analysis of the impact on the loan pro-
gram established under section 3; 
(2) an analysis of current and historical Fed-
eral programs administered by the Secretary of 
Housing and Urban Development and the Secretary 
of the Treasury that support or have supported the 
production or preservation of limited equity coopera-
tives, including a review of the role of project based 
rental assistance in funding limited equity coopera-
tives; 
(3) an identification of barriers to using exist-
ing Federal funding to support for limited equity co-
operatives; and 
(4) recommendations for the Congress with re-
spect to how to further support Federal funding for 
limited equity cooperatives. 
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