Cooperatives in Agribusiness

Total Page:16

File Type:pdf, Size:1020Kb

Cooperatives in Agribusiness United States Department of Agriculture Cooperatives in Rural Busines s– Cooperative Service Agribusiness Cooperative Information Report 5 Abstract This publication is written for audiences at the secondary and postsec - ondary levels, or for anyone interested in agricultural cooperatives. It pro - vides a description and brief history of cooperatives, and discusses their relationship with agribusiness. This material describes the different types of cooperatives as well as their structural and organizational characteristics, and explains how they are governed and fi nanced. It discusses career opportunities in the cooperative fi eld, and explores the future of coopera - tives in a constantly changing business environment. Chapters 1-9 are each followed by brief chapter review questions. Keywords: cooperatives, agribusiness, principles, practices, organization, structure, fi nance, careers. Cooperatives in Agribusiness Katherine L. Hanson Education Specialist Education and Member Relations Rural Business-Cooperative Service U.S. Department of Agriculture Cooperative Information Report 5 March 2002 This report was originally written by Irwin Rust in 1968 and published as Education Circular 33. It was later superseded by Cooperative Information Report 5 in 1978, written by Gene Ingalsbe, and has since been revised several times. USDA's Cooperative Services program is now contained in USDA's Rural Development mission area and housed in Rural Business-Cooperative Service (RBS). For a catalog of related publications, please ask for Cooperative Information Report 4 and write to USDA/RBS, 1400 Independence Ave. SW, Stop 0705, Washington, DC 20250-0705 (phone: 202-720-8381 or FAX 202-690-4083). Publications and information are also available on the Internet. The RBS Web site is: http://www.rurdev.usda.gov/rbs/index.html Contents CHAPTER 1. HOW AGRIBUSINESS AFFECTS OUR LIVES . .1 CHAPTER 2. WAYS OF DOING BUSINESS . .5 Individually Owned . .5 Partnership . .7 Corporation . .8 Investor-owned Firm . .8 Cooperative Corporation . .9 Limited Liability Company . .11 CHAPTER 3. WHAT IS A COOPERATIVE? . .12 Why Is a Cooperative Started? . .13 What Is a Cooperative's Purpose? . .13 How Is a Cooperative Different? . .14 User-owned . .14 User-controlled . .14 User-benefits . .15 Limited Return on Equity Capital . .16 Important Practices . .17 Open Membership . .17 Continuing Member Education . .17 Cooperation Among Cooperatives . .18 i Contents CHAPTER 4. HOW COOPERATIVES ARE ORGANIZED . .19 Articles of Incorporation . .19 Bylaws . .19 Marketing Agreements . .20 Membership . .21 CHAPTER 5. COOPERATIVE STRUCTURES . .22 Local Cooperative . .22 Regional Cooperative . .22 CHAPTER 6. WHO RUNS THE COOPERATIVE BUSINESS? . .25 Members . .25 Directors . .26 Manager and Staff . .27 CHAPTER 7. HOW COOPERATIVES ARE FINANCED . .29 Capital Structure . .29 Capital Needs . .29 Member Capital . .30 Facility Loans . .31 Operating Loans . .32 Commodity Loans . .32 Special Services Loans . .32 ii Contents Revolving Capital Finance . .33 Reserves . .35 CHAPTER 8. TYPES OF COOPERATIVES . .36 Marketing Cooperatives . .37 Bargaining Cooperatives . .40 Purchasing Cooperatives . .41 Related Service . .44 CHAPTER 9. FARM AND HOME SERVICE COOPERATIVES . .46 Electric and Telephone Utilities . .46 Rural Utilities Service . .47 Rural Telephone Service . .49 Farm Insurance . .50 Health . `51 Housing . .51 CHAPTER 10. COOPERATIVE CREDIT SERVICES . .54 Farm Credit System . .54 Credit Unions . .56 Organizations Serving Cooperatives . .57 i Contents CHAPTER 11. CANVASSING COOPERATIVES IN YOUR AREA . .59 CHAPTER 12. A COOPERATIVE FOR YOUR GROUP . .62 CHAPTER 13. CAREERS IN AGRIBUSINESS . .64 Variety of Careers . .65 Education Requirements . .65 CHAPTER 14. COOPERATIVES IN THE YEARS AHEAD . .67 iv CHAPTER 1 How Agribusiness Affects O ur Lives Some of the many branded food and beverage items produced by agricultural cooperatives. ou might not be familiar with the terms "cooperative" or "agribusi - ness," but chances are you benefit on a daily basis from the prod - Y ucts and services they provide. We all reap the benefits of agribusiness, from the food we eat to the clothes we wear. Whether you are a student, executive, technology expert, or farmer, you are first and foremost a consumer. America relies upon agribusiness to feed, clothe, and house her 284 million citizens. The efficient production, processing, and marketing of food and fiber is what agribusiness is all about. 1 Agribusiness is just what the name implies…agriculture in business. When you buy chicken, beef, pork, vegetables, fruit, juice, eggs, milk, or similar products at your supermarket, you depend on agribusiness. In addition to supplying us with these basic necessities, agribusiness also provides jobs and income for nearly one-fifth of America's workforce. In one way or another, we all depend upon agribusiness to fulfill our needs. Because of this interdependence, agribusiness is our business. Cooperatives provide many services and products. Did you drink any Florida's Natural orange juice or Ocean Spray cranberry juice today? You might have spread Land O' Lakes butter or Welch's grape jelly on your toast. Maybe you ate some Sun-Maid raisins or a Sunkist orange as a snack, or packed Tillamook or Cabot cheese or Snyder's potato chips in your lunch. Your dinner tonight might include Farmland ham and Birdseye vegetables. These well-known foods and beverages all have one thing in common: they are all produced by farmer cooperatives. You might be surprised to discover how many of the brand-name items that you use or consume every day come from cooperatives. What makes these products unique is that the farmers who produced them are also the owners of the company that helped to bring them to your table. A cooperative is simply a type of business that is owned and controlled by the people who use its services. But cooperatives don't simply provide food and drinks for our tables. Many cooperatives provide goods or services such as utilities, savings and loan services, insurance, and farm supplies to rural and urban resi - dents. You might recognize some of these cooperatives by name, such as CoBank, Central Electric Power Cooperative, CHS Cooperatives, or Southern States. They are just a few of the nearly 48,000 cooperatives in the United States that generate more than $120 billion in annual economic activity for about 100 million members. Cooperatives have a significant impact on the employment situations of rural Americans as well. Although the number of farmer cooperatives has declined in recent years to about 3,346, they still accounted for 254,658 full-time, part-time, and seasonal employees in 2000. The decline in the overall number of cooperatives reflects the ongoing trend of mergers, consolidations, and acquisitions. However, there are more members (3.09 2 million) of farm cooperatives in the United States than there are farmers (more than 2 million), because many farmers belong to more than one cooperative. So even though the number of cooperatives has decreased, farmers still depend on them. Twenty-seven percent of total farm market - ings in 1999 was attributed to cooperatives. Consider that almost 11 million people in rural areas relied on rural elec - tric cooperatives for their power in 2000, while 569 rural credit unions helped their 3.8 million members save more than $18 billion. Likewise, 1.4 million subscriber/members received their telephone service from 220 rural telephone cooperatives. Thousands of isolated homes access the Internet in this age of technology, thanks in large part to the service pro - vided by these utility cooperatives. These numbers sound staggering, but the contribution of cooperative business to rural America is immense, and cannot be measured by statis - tics or dollars alone. Farmers are not the only ones who reap the rewards Agribusiness and membership in cooperatives is a way of life that is often passed from one generation to the next in rural families. Photo courtesy Farmland 3 of cooperative businesses. Cooperative housing helps people access bet - ter living conditions while connecting them with a support network of others with similar needs and interests. Both rural and urban residents belong to group medical, hospital, or health associations. Many use coop - erative child-care services, read Associated Press news articles, and belong to a state affiliate of the American Automobile Association or local credit union. These people are receiving the economic benefits of the cooperative, in proportion to their use of it. Cooperatives help bring peo - ple together to acquire goods or services not otherwise available to indi - viduals. By joining a cooperative and taking advantage of economies of scale and combined buying power, members realize greater savings and greater return on their investments. Moreover, members control the direction and growth of their business, with a vested interest in each business decision made by that cooperative. The cooperative form of business is useful to people regardless of where they live or how they earn their living. As these examples illustrate, the life of every American is touched at some time or another by cooperative enterprise. For these reasons, it is important for each of us to better understand what cooperatives are, how they operate, and how they relate to agribusiness. Chapter 1 Review 1. Name three cooperatives that produce brand name consumer goods. 2. How many farmer-owned cooperatives are there in the United States? How many
Recommended publications
  • Cooperative Housing in the United States
    HOUSING COOPERATIVES UNITED STATES 1949-1950 Joint publication of Division of Housing Research Housing HOUSING AND HOME FINANCE AGENCY Research Bureau of Labor Statistics UNITED STATES DEPARTMENT OF LABOR WASHINGTON 1951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Cooperative Housing in the United States 1949 and 1950 Housing Research Paper No. 24 Bulletin No. 1093 HOUSING AND HOME FINANCE AGENCY UNITED STATES DEPARTMENT OF LABOR Office of the Administrator Bureau of Labor Statistics Housing Research Division For sale by the Superintendent of Documents, U . S. Government Printing: Office, Washington 25, D. C. Price 65 cents (paper) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis P r e f a c e After the end of World W ar II the severe housing shortage in this country led to an increased interest in cooperative housing as one means of solving the problem. This gave further impetus to a movement which began in the United States about a third of a century ago among people who held that by joining together in the purchase of land and the construction of houses they could obtain dwellings of good quality at less cost than those being provided in other ways. As things have worked out, some housing cooperatives have been outstandingly successful and have accomplished everything their sponsors hoped for. Others, however, have proved to be disap­ pointing, either falling by the wayside or failing to attain the original objectives.
    [Show full text]
  • Cooperatives in Industrial and Service Sectors in the Asia-Pacific Region
    Cooperatives in industrial and service sectors in the Asia-Pacific region Models, work and employment, ecosystem and public policies International Cooperative Alliance Asia and Pacific & 9, Aradhana Enclave +91-11-26888067 ica-asia and pacific Sector-13, R. K. Puram International Organisation of the Industrial and Service Cooperatives New Delhi-110066 +91-11-26888250 icaapac info@icaap.coop icaasiapacific ica-ap.coop Cooperatives in industrial and service sectors in the Asia-Pacific region Table of contents List of tables iv List of figures ������������������������������������������������������������������������������������������������������������������������������������������������������������������������ iv Abbreviations and acronyms ����������������������������������������������������������������������������������������������������������������������������������������������� v Synthesis note 1 Introduction���������������������������������������������������������������������������������������������������������������������������������������������������������������������1 2 The scope of target types of the present study ����������������������������������������������������������������������������������������������������������� 1 3 Method����������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 2 ‘Type’ and ‘model’�����������������������������������������������������������������������������������������������������������������������������������������������������������
    [Show full text]
  • Group Housing Cooperatives
    C O O P ! S E R V A T I O N S Group Housing Cooperatives: !e Expanding Alternative to Meet New Needs in a Changing Society By Jim Jones In recent years, the cost of housing has instantly bring a new member into a ready-made increased much more rapidly than average salaries. social group. While housing has always been problem for low Because young people seldom plan to stay in jobs income wage earners (including students who don’t for more than a few years, equity accumulation in have wealthy parents), it is becoming an increasing housing is rarely a concern. Renting is the realistic problem for young professionals. For many with alternative, and the control that comes through college degrees, entry level salaries just don’t go group ownership is seen as a value to those who Ideas and opinions as far as they used to – particularly after making have spent years suffering under landlords or in on cooperative student loan payments. university residence halls. housing Many in this group are single, unsure of what Even though the privacy of a room is important, they want to do and where they want to do it, highly the space of an entire apartment is generally not mobile, and in many ways lifestyles are still similar as important. Young, single people have fewer to those of students. Graduation from college can possessions and less need for space than those with also mean the stress of a new job in a new city far spouses, children and years of accumulated “stuff.” from friends and familiar surroundings.
    [Show full text]
  • Cooperative Housing Bulletin
    COOPERATIVE HOUSING BULLETIN A member service of the National Association of Housing Cooperatives August/September 2008 National Affordable Housing Initiative Launched ROC USA Rolls Out Resident Ownership in owned communities. Join Us for Manufactured-Home Communities in 29 States In New NAHC’s Annual CFED, Fannie Mae, Ford Foundation, NCB Capital Hampshire, the Loan Fund has helped Conference > Impact, New Hampshire Community Loan Fund Invest $7 Million in new organization homeowners in Houston, TX 84 communities Concord, NH – The New Hampshire Community Sept. 17–20, 2008 Loan Fund (the Loan Fund), the Corporation for establish their own Enterprise Development (CFED) corporations to inside and NCB Capital Impact launched purchase and manage a new organization, ROC USA in the community. May of 2008. Beyond New Hampshire, Jerry Voorhis hundreds of cooperatives made Legacy ROC USA aims to help the 3.5 million American families living in up of owners of mobile and 3 manufactured-home communities manufactured homes have bought acquire the communities in which communities — in California, they live. ROC USA’s mission is to Florida and states in between. Members News make resident ownership a viable However, there has never been a 5 choice for homeowners in the U.S. standardized model or a coordinated strategy, so Those are the headlines. Now, how is ROC USA successes have been localized and dispersed. ROC USA aims to move resident ownership to scale. “We FCH-Assisted Co-ops LLC planning to fulfill its mission? By following achieve scale when every homeowner in every U.S. in Puerto Rico what the Loan Fund has been doing since 1984 in New Hampshire — help “homeowners” in “parks” community is presented with a viable choice as to 7 buy their communities, when they become available.
    [Show full text]
  • Organization and Management of Cooperative and Mutual Housing Associations
    UNITED STATES DEPARTMENT OF LABOR L. B. Schwellenbach, Secretary BUREAU OF LABOR STATISTICS A . F. Hinrichs, Acting Commissioner Organization and Management of Cooperative and Mutual Housing Associations Bulletin No. 858 (Revision of Bulletin No. 608) For sale by the Superintendent of Documents, U. S. Government Printing Office Washington 25, D. C. - Price 20 cents Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Letter of Transmittal U nited S tates D epartm ent of L abor, B ureau of L abor Statistics, Washington, February h 1946. T h e Secretary of L abo r: I have the honor to transmit herewith a pamphlet setting forth the proper methods of procedure for the organization and management of cooperative and mutual housing associations. The present report is a revision of the Bureau’s Bulletin No. 608, bringing the subject matter into conformity with present practice. Many persons within and without the cooperative movement, qualified by experience and training, have contributed to this manual. Their number includes housing experts, architects, and attorneys, as well as cooperators who have participated in one or more housing projects. In addition to Florence E. Parker and Alexander Findlay of its own staff, the Bureau wishes especially to acknowledge the valuable contributions and suggestions of Dale Johnson, Huson Jackson, Dorothy Kenyon, and Udo Rail. A . F . H in r ic h s, Acting Commissioner. H on. L . B . SCHWELLENBACH, Secretary of Labor. iii Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St.
    [Show full text]
  • Combatting Inequality Through Employee Ownership
    COMBATTING INEQUALITY THROUGH EMPLOYEE OWNERSHIP Worker Cooperatives and Employee Stock Ownership Programs in Buffalo-Niagara Kristin Ksiazek and Annabel Bacon Introduction Communities across the United States are grappling with income inequality. Since 1979, earnings of the top one percent of Americans have risen by a staggering 157%, compared to an increase of just 22.2% for the bottom 90% of workers.1 Today, 44 percent of American workers earn less than $18,000 per year, while the CEOs of the largest 350 companies earn, on average, $18.9 million per year.2 From 1978 to 2018, compensation for CEOs grew 940.3%, but wages for typical, nonsupervisory workers grew by just 11.9%.3 Wealth gaps between the most privileged and marginalized social and demographic groups have widened by even larger amounts—to the point where, in 2015, for every dollar in wealth owned by white households, black and Latinx households held just six and eight cents, respectively; and women owned only 32 cents for every dollar held by men.4 Equally as troubling, present generations are far less likely than their parents and grandparents to experience upward economic mobility,5 and they are burdened by much more student debt.6 Job seekers of all educational backgrounds are faced with fewer choices in the American labor market, where much of the recent job growth has come in the form of low-wage work.7 This trend means that low income workers do not have the option to simply “find better paying jobs.” Rather, the data show that “there are not enough living wage jobs to go around.”8 The lack of living-wage jobs disproportionately affects women and workers of color.
    [Show full text]
  • Community Land Trust Co-Housing Cooperative Corporations (Co-Ops)
    Overview of Co-Ownership Legal Models & Structures The main ways you can hold property together Community Land Trust ● Nonprofit corporation (501c3) org that develops and co-stewards land and housing. ● Permanent affordability: Sets resident income ​ limits to center low/moderate income residents ​ (80% or below to 120% of Area Median Income) ● Receives funding / access to public subsidies for ​ affordable housing ● Has Board of Directors that represent community interests ● Various co-ownership structures are compatible ​ with a CLT, esp. Limited-Equity Co-ops ● Has relationship with banks and can help with financing for new resident groups. ● CLT is typically the larger umbrella land-owning entity whereas a co-op, condo, tic etc is the way individuals are sharing ownership in the improvements (structures) on the land. Co-Housing ● Cohousing communities consist of private, fully-equipped dwellings ● Common amenities including recreation areas and often a common house—aka the “living room” of the community. ● Shared green space is also a key feature – whether for gardening, playing, or Socializing. ● Cohousing communities depend on cooperation and collaboration, from start to Finish. ● Legal ownership & property structures can vary from single family detached homes, to condos, co-ops, Tenants In Common, etc. Cooperative Corporations (Co-ops) ● A Housing Cooperative is a corporation with the purpose of providing affordable housing for its members. ● Residents are member-owners: ownership share gives members decision-making power and a right to occupy a particular unit. ● Together the residents own the coop and the cooperative can either own the property and land on its own or lease the property and land from another entity, like a land trust.
    [Show full text]
  • Student Housing Cooperatives: Would a Housing Cooperative Benefit
    University Honors Program Ivy College of Business May 1, 2019 Nathan Herold Advisor: Dr. Keri Jacobs, Dept. of Economics Student Housing Cooperatives Would a Housing Cooperative Benefit Students at Iowa State? Introduction Student Housing Cooperatives Iowa State University draws many students to Ames. Students who Cooperative Principles Laws come to Ames have the option to live on campus and contract through • User Owned • Cooperatives are incorporated under state law the university or off campus and contract through a private market o Do not directly own the housing, but own a o Student housing cooperatives in Iowa follow Chapter 499A landlord. What if students had another housing option in Ames where share in the cooperative o Laws state how cooperatives operate, members responsibilities, voting students had more control over the housing? A student housing rights, governance and sweat equity cooperative would offer that solution by allowing students to take • User Controlled User User ownership, control and receive benefits. As Iowa State University o Control of governance Owned Controlled grows, there is a need for housing in Ames. A housing cooperative o Serve on the board of directors Sweat Equity model option for students would provide community, leadership o Voting rights (elections and decision making) • Sweat equity is contributing back to the cooperative opportunities and cost benefits to students. o Control of one’s living environment • It is shared responsibilities for the members • Sweat equity could be required or optional • It could be in the form of running the front desk, grocery Objective • User Benefits User Benefits o Reduced housing costs shopping, cleaning, maintenance, or even gardening.
    [Show full text]
  • Co-Operatives – Raising Equity
    Co-operatives – Raising Equity What is a cooperative? It is an enterprise, or business, owned by an association of persons seeking to satisfy common needs (access to products or services, sale of their products or services, employment, etc.). This association includes one or more kinds of users or stakeholders of the enterprise: consumers who use the enterprise to acquire products or services (such as a retail, housing, health-care or day-care cooperatives); producers (such as independent entrepreneurs, artisans, or farmers) who use the enterprise to process and market the goods or services they have produced, or to buy products or services necessary to their professional activities; workers who use the enterprise to secure their employment and control their working conditions. Cooperatives operate democratically (one person, one vote) through two bodies: general meeting of the members or delegates, and the board of directors composed of at least two-thirds members elected at a general meeting. If the cooperative uses delegates, the delegate structure may reflect the size of the organization or the distance covered by the cooperative and may include more than one delegate for each organization or territory represented. The cooperative's start-up capital usually comes from cooperative shares purchased by members. Federal cooperatives, however, can raise capital by issuing investment shares to members or non-members. Each member's liability is limited to the amount of his or her share in the capital. Each member has only one vote regardless of his or her capital contribution. Types of Co-ops falls under separate legislation hybrid of society and corporation Agricultural Co-ops Consumer Co-ops Credit Unions Housing Co-ops Insurance Co-ops Worker Co-ops A co-operative may be formed in accordance with: a provincial co-operative statute setting out its corporate form and model of operation.
    [Show full text]
  • Co-Op Housing Development Guide
    HOME BASE The Playbook for Cooperative Development ACKNOWLEDGEMENTS NCB Capital Impact would like to thank the following organizations and people for their support and dedication to making this publication possible in order to create more affordable cooperative homeownership opportunities: NCB provided funding for this project. About NCB: National Cooperative Bank is now simply NCB. While our name and look have changed as of October 1, 2006, our commitment to our customers remains as strong as ever. NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Primary markets we serve include the basic ingredients of vibrant communities: housing, education, healthcare, cultural centers, local businesses and social services. In addition, NCB has a growing community banking network in southwestern Ohio. Since being chartered by Congress in 1978, NCB has answered the financial needs of America’s cooperatives and member-owned businesses for more than 25 years. NCB is distinctly qualified to understand first-hand the challenges facing cooperatives, having become one in 1981, and today boasting more than 2,600 customer-owners and more than $6.19 billion in assets under management. About NCB Capital Impact NCB Capital Impact, the non-profit affiliate of NCB, provides financial services and technical assistance designed to spark systemic change and empower communities to create more affordable cooperative homeownership,
    [Show full text]
  • How Is Cohousing Different from a Cooperative Or a Conventional Strata Title / Condominium?
    How is Cohousing different from a Cooperative or a Conventional Strata Title / Condominium? Conventional Cohousing Cooperatives Strata Title / Condominium Ownership The legal structure is one of the The cooperative owns the unit. Strata title allows for individual Structure decisions the group will make over Members purchase shares, which ownership of homes and the course of their development. gives them the right to occupy common ownership of shared Typically cohousing groups in the unit. This is not a common amenities. Each unit has a Canada choose strata title / ownership form in BC and it is separate title and can be condominium (not cooperative) very difficult to get a mortgage mortgaged individually. This is a because it is much easier to get because the shareholder does common ownership form in BC financing for this type of not hold title to the unit. and subject to the purchaser’s ownership. qualifications, it is easy to get a mortgage. Financing the The future residents participate in Over the years, federal and An individual or corporation Development the planning and development and provincial governments have provides the equity to finance provide the equity to finance the funded various programs to help the development and construction. Once the Canadians create non‐profit construction with an expectation development is completed, the housing coops, but that funding of selling the units once the construction loans are paid off and is no longer available. Without development is completed. each household purchases their the government programs, there individual units. To date there have are no financial advantages and been no government subsidies for many challenges to setting up as the development of cohousing a cooperative, so there are very communities.
    [Show full text]
  • Creating and Sustaining Limited Equity Cooperatives in the District of Columbia
    RESEARCH REPORT February 2020 Creating and Sustaining Limited Equity Cooperatives in the District of Columbia Authored By: Kathryn Howell, PhD Urban/Regional Studies and Planning Program, Virginia Commonwealth University Scott Bruton, PhD Coalition for Nonprofit Housing and Economic Development Anna Clemens, MURP Urban/Regional Studies and Planning Program, Virginia Commonwealth University Prepared By: Coalition for Nonprofit Housing and Economic Development Acknowledgements This report would not have been possible without the support of the resident-owners who took time to respond to surveys and participate in interviews and focus groups, which allowed the authors to understand the origins of their buildings and the opportunities and challenges of living in, owning, and managing Limited Equity Cooperatives (LECs) in the District of Columbia. In addition, the technical assistance providers, organizers, attorneys, District agency staff, and lenders who connected us to residents and shared their experiences working with LECs were critical to understanding the full process. Additionally, students in the Virginia Commonwealth University’s Masters of Urban and Regional Planning program’s Housing Policy course contributed to this study through conducting interviews and developing background research during the spring 2019 semester. Peter Tatian (Urban Institute) provided valuable feedback, which improved this report. The authors also would like to thank the following funders for their generous financial support, without which this study would
    [Show full text]