We want to preserve affordable housing in our wonderful but increasingly unaffordable neighborhood – and make it possible for regular people to be able to purchase a home here for decades to come.
The Tenant Association at 1845 Summit Pl NW is exercising our rights from the Tenant Opportunity to Purchase Act (TOPA), a unique DC law that gives us the chance to buy our 88-unit building. Together, we decided to turn our building into an innovative model of affordable housing: a limited-equity co-op. This keeps units affordable forever, a critical intervention in our diverse and increasingly unaffordable neighborhood.
With the co-op taking on the mortgage, residents will be able to buy their units debt-free (at about the price of a security deposit!) and pay co-op fees that can stay capped at rates lower than the ever-increasing rent in our neighborhood. The limited-equity model means that residents moving out will sell their shares to the next resident at a similarly low price, ensuring affordable home ownership for people of mixed incomes for decades to come.
Our Need: We need community support and investment to make our goal a reality.
We are actively seeking donations and low-interest community loans from individuals and organizations. We’d also appreciate your help spreading the word about our project, sharing stories and advice, and any other support you might be able to offer.
The more money we can raise, the more we can keep share prices and co-op fees low for our current and future residents.