Must a coop board allocate and distribute all proceeds from property tax abatement to unit owners who qualify or can they be allocated to all residents equally. We have a number of residents who don’t qualify and therefore are charged an assessment while qualifying residents receive the credit. Their rationale is that by not distributing the proceeds equally to all, the board is not meeting its fiduciary duty to treat all residents equally and that non-qualifying residents are shouldering the financial burden to pay to qualifying residents. Has anyone seen a different approach to allocation/distribution of the abatement?
I'm a long term member of a board of a Mitchell Lama Co-op. I've recently discovered that another long time member of the board is setting the stage for her granddaughter to "succeed" to the board member's very elderly friend's apartment. The granddaughter is in her 20's and grew up in the building, as her parents also have an apartment in the building, but she definitely does not live in the building now, and hasn't since she went away for college. However, the board member has arranged for her granddaughter to be listed on the income affidavit of her elderly friend's apartment, clearly setting her up to succeed to the friend's apartment. I have brought up the issue with our property manager and other board members, but nobody wants to do anything about it because the board member is a well-liked long-term member of the board. I think it's totally unfair to the people on the waiting list if the granddaughter is allowed to jump them all and is given a Mitchell Lama apartment that she never lived in, just because her grandmother is a board member. Is there anything I can do, either now or when the granddaughter's succession claim is made, to prevent her from getting the board member's elderly friend's apartment?> Join the conversation Comments (1)
If a new shareholder has closed before December 31 of a year and the apartment purchased was owned by a shareholder who has been receiving the Tax Abatement - passed thru as a credit to maintenance fees, is the new shareholder entitled to the Tax Abatement when next passed thru to eligible shareholders in the following year?
I know that if the previous shareholder was NOT eligible, the new shareholder will NOT receive any Tax Abatement passed on in the first year after closing.
Please advise on NYC DOF policy.
The flip Tax is decided by the board only, or are the shareholders involved in a vote for that also? Is the board legit, if we haven't had an annual meeting since Nov. 2019? The board and mgmt agreed to take half of 2021 and 2022 assessments, 5% increase in 2020, 8% increase in 2021, and $14.41 per share (I have 563 shares) in 2022 for three(3) years for capital improvements. Mind you the annual increases were because the previous mgmt did not pay our vendors. The board say it's not criminal! What is it? Which by the way NO work (capital Improvements) have started in the bldg. We just received our 2021 financials Nov. 2022. We are scheduled to have a try at another annual meeting Jan. 11, but I fear if the board & mgmt can not answer the shareholders questions again nothing will get done, like no elections again! there is no communication between the board/mgmt & shareholders. Desperate, open for suggestions.! I am running to be on the Board if the votes go through.> Join the conversation Comments (1)
I was recently elected to my condo's board. Our by-laws state "All members of the Board of Managers shall be owners or mortgagees of units, or, in the case of partnership owners or mortgagees, shall be members or employees of such partnership, or in the case of corporate owners or mortgagees, shall be officers, directors, stockholders or employees of such corporations, or in the case of fiduciary owners or mortgagees shall be the fiduciaries or officers or employees of such fiduciaries.".
It has come to my attention that the current board president is not listed on the deed of a unit in the building. The deed is in her husband's name... and neither of them live in the unit. Also, there was another member on the board, that recently left the board, that was not listed on a unit's deed.
Are decisions made by this board, and contracts signed by the illegitimate president, legally binding?
Currently, I live in Concord Village, located in Cadman Plaza (a couple blocks from Downtown Brooklyn, Brooklyn Heights, and Dumbo) and parallel/adjacent to the Brooklyn Bridge.
As a fairly new shareholder, it would be greatly appreciated if anyone can please provide some insight as to (possibly) why the maintenance fee may be increasing so rapidly. Certainly, before purchasing the co-op, I did inquire about the maintenance fee increase percentages and I was advised the increase is typically 3-5% annually. And this is reasonable.
However, this is not the reality. Within the span of 3 years, my maintenance has increased (nearly 30%, collectively). I've yet to see and experience the value of these increases.
Board has advised the driving force is the increasing property taxes, and perhaps it's partially true. Regardless, seems very sketchy & sus. In Concord Village, there are 7 complexes with over 1,000+ units, collectively (comprised of studios, 1 bds, & 2 bds). Imagine when all the maintenance fees are accumulated.
And to add, Concord village owns an adjacent parking space, which, indeed, generates some revenue as there are start up companies nearby (e.g Etsy), the Supreme Court, USPS, Charter School, etc. They separately charge shareholders for parking, storage, gym, etc. So there are other sources of revenue generating options.
Maintenance does include a reserved fund (instead of a separate assessment), which have yet to be put into use in the common areas. Still looks outdated from the 80s/90s, with water stains on the ceilings & floral wall-papers, peeling at the edges/corners.
I understand high maintenance can be driven by land-lease, but that is not an issue at Concord Village.
On a legal standpoint, I understand the Board can increase the maintenance fees as they please. But are there any NYC laws/bills that would protect the shareholders? Although maintenance fees within the same building may differ, do all shareholders receive the same increased rate? Any feedback would be appreciated.
Lastly, if there are any shareholders who are selling your unit (with a high maintenance fee), how are you or how would you maneuver this topic if/when you come across potential buyers, requesting to see the last 5 years of maintenance fees?
Thank you sincerely for taking the time to read this! Any feedback and insight would be helpful and sincerely appreciated.
Is there any way I can break the two year sale rule and vacate the apt of my coop? The noise issue I have is ongoing and I need to get out of there.> Join the conversation
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