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LSDefine

Simple English definitions for legal terms

limited equity housing

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A quick definition of limited equity housing:

A limited equity housing is a special type of housing where people can share ownership of a building with other families. It is managed by a nonprofit cooperative corporation and is designed to be affordable for low-income families. When someone wants to sell their share of the building, they can only make a limited amount of money to keep the price affordable for others. This type of housing was created by the government to help low-income families have a place to live.

A more thorough explanation:

Limited equity housing (LEHCs) is a type of housing arrangement managed by a nonprofit cooperative corporation. It is designed to provide affordable housing to low-income families.

LEHCs were introduced in the mid-20th century in the United States when the government converted wartime housing into residential complexes for low-income families.

In a LEHC, residents share ownership of a building with multiple families. To maintain affordability, the co-op takes out a blanket mortgage covering the entire property and allows residents to buy shares. The amount of equity that a member can earn upon resale of the unit is limited to preserve its affordable price.

For example, if a resident buys a share in a LEHC for $10,000 and sells it for $15,000, they may only be able to keep a portion of the profit, as determined by the co-op's rules. This ensures that the unit remains affordable for future low-income residents.

LEHCs are beneficial for low-income families who cannot afford to buy a home on their own. They provide a way for families to build equity and invest in their future while still maintaining affordable housing.

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m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
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