Using TOPA to form a co-op - advice?

[Eduardo Gonzalez]

Hello,

Does anyone have advice on resource I can read to learn about residential co-ops? My building is in the process of forming a tenants association to take advantage of TOPA, and I think the pandemic + interest rates presents a great opportunity for tenants in our building to stabilize their rent and become owners.

I think a co-op is the best way but I don't know how to communicate this clearly, I need to learn more. Need help!

[Johanna K Bockman]

While other will likely have more technical help, I can suggest Amanda Huron’s book, which has great insights from DC residents who went through the TOPA process; I have attached my review of her book.

Johanna

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[Eduardo Gonzalez]

Thanks for this! I will definitely read what I can. Happy to get more tips on this - am I right in thinking that with low interest rates, now is a great time to pursue co-ops?

Eduardo Gonzalez

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[Annie Mahon]

Agree with Amanda Huron. I don’t have experience in the housing coop area but have heard talks about it (I think from Amanda).  

The best places I have found to connect in DC are coopdc.com and dcstakeholders.coop. - which may be how you found this google group? 

National groups like Federation of Cooperatives offer free advice too https://www.usworker.coop/. 

Good luck- yes to coops!! They are the future and the way out of owning class capitalism. 

Xo

A

On Fri, Feb 19, 2021 at 7:47 AM Johanna K Bockman <jboc...@gmu.edu> wrote:

While other will likely have more tecnical help, I can suggest Amanda Huron’s book, which has great insights from DC residents who went through the TOPA process; I have attached my review of her book.

Johanna

To view this discussion on the web visit https://groups.google.com/d/msgid/coopdc/BLAPR05MB737744EA715665F4713BFE90D2849%40BLAPR05MB7377.namprd05.prod.outlook.com.

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[Adam Maloon]

Hi Eduardo,

It's always a good time to form an LEHC, but you're definitely right, the rates are pretty good right now.

My organizations, the Douglass Community Land Trust, works with cooperatives at the building acquisition phase as well as post-purchase, providing ongoing support. I can also put you in contact with some formation professionals, who help tenants organize and exercise TOPA. One of the critical things I've found is starting early, both on organizing, and in securing financing.

I'd be happy to talk more, if you like, and connect you to my colleagues. My org is also hosting a training, provided by the Office of the Attorney General, on good governance in limited equity housing cooperatives, this coming Wednesday the 24th at 5:30pm. I've included the registration link below, as well as a short description of the event. There is no cost and everyone is welcome to attend!

bit.ly/LEHCTraining

The Douglass Community Land Trust will be hosting an upcoming presentation by the Office of the Attorney General on LEHC Governance and Compliance. It will be held on Zoom on February 24 at 5:30 pm, and registrants will be able to receive a Certificate of Attendance upon request.  This workshop is structured for an audience of Cooperative Board Members and management agents, though all are welcome.

In solidarity,

Adam

Adam Maloon

Director of Stewardship

Douglass Community Land Trust

1231 Good Hope Rd SE

Washington, DC 20020

(202) 567-7417

ad...@douglassclt.org

Pronouns: he/him

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Sent: Friday, February 19, 2021 8:38 AM
To: coo...@googlegroups.com <coo...@googlegroups.com>
Subject: Re: Using TOPA to form a co-op - advice?

 

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[Amanda Huron]

Hi Eduardo and all! 

I definitely recommend you reach out to Adam -- that would be a great first step! 

At some point it might also be useful for you to talk to other LEC members to learn from their experiences. I have worked on and off with a network of D.C. LECs and would be happy to put you in touch with them so you could talk to them about their experiences.

Amanda

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amandahuron.net

[Eduardo Gonzalez]

WOW - this is incredibly helpful and more than I could have asked for. I appreciate you all responding and for your advice/insights.

Adam - I'll follow up with you!

Eduardo Gonzalez

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