On January 4th, after much hard work and dedication, the tenants of 701 K Street NE tenant association  officially acquired their building, becoming one of the newest tenant purchases in DC. This milestone comes amidst rapid gentrification in the surrounding triangle between Florida Avenue and H Street NE, and represents a major win in the struggle to prevent displacement and preserve affordable housing in the area. As the vice president of the tenant association described it, “I believe an LEC would be an investment in the neighborhood and provide affordable housing for the current residents and future residents.”

Successful tenant purchases are the result of community-driven effort. Tenants from 701 K Street NE worked with the Latino Economic Development Center (LEDC), the DC Tenants Rights Center, and Mi Casa, Inc. in their journey through the Tenant Opportunity to Purchase Process. As a development consultant, Mi Casa connected with the 701 K Street NE tenant association in December 2021, and has worked with them every step of the way from voting to pursue the Limited Equity Cooperative ownership model, to fundraising for earnest money deposit, to now acquiring their building.

The Limited Equity Cooperative model supports residents in taking control of their housing and protecting their community. One tenant described their hopes for becoming an LEC, “I want more control over my home, I want improved conditions at the building, I want to keep my monthly housing payments low, I want to make sure all tenants can afford to stay in the building, I want to be able to stay here for a long time.” Now that the tenants have acquired the building, they are looking to the future with excitement. Next steps include working with LEDC and Mi Casa through the cooperative formation process and filling the remaining seven vacant units in their property.