1314 K St SE APT 201, Washington, DC 20003

Benefits of Cooperative Membership Participate in important decision-making about the operations of the building (no landlord) Guaranteed, continued affordability in a neighborhood with rapidly rising rents The value of the share is inheritable (passed on to heirs) You may deduct from your personal income taxes your share of the mortgage interest and real estate taxes paid by the co-op Ownership/Governance As a member and resident of our cooperative, you technically don't own real estate but you do own a share in a company (non-profit cooperative association) that is managed by a Board of Directors comprised of fellow members (shareholders). The cooperative owns the entire property, including all of the residential units, but as a member you own and control a part of the company, and thus, the property. You have the opportunity to vote for the officers and the Board and you can also be elected for those leadership positions. Initial Share Price and Sale Formula: $4,360 Our cooperative is limited-equity which means that the price of the share is capped and increases at a rate described in the co-op's bylaws inorder to ensure that the units remain affordable to future residents and meet the requirements of the co-op's lender, the DC Department of Housing and Community Development (DC DHCD). When you sell your co-op share, the maximum price you can receive is based on the formula price contained in the bylaws, which would be the same as the price you originally paid to become a member, plus a small annual percentage increase (appreciation), plus or minus other adjustments described in the bylaws. You cannot sell your share for what it would be worth on the open market. Monthly Costs (Carrying Charges): $1,130 Members pay monthly carrying charges that contribute to the cost of maintaining and operating the building, including paying taxes, operating costs (management and maintenance), and the co-op's two DC DHCD mortgages (called blanket or underlying mortgages). Applicant's household-incomes must not exceed 80% of the Area Median Income: for a 1-person household, the maximum income is $67,950; for a two-person household, $77,650. 1314 K Street, SE, Washington, DC 20003 Contact Us for an appointment Resident pays for individual gas and electric and co-op pays for water, property taxes, and building insurance