We are a small co-op and I am the President of the Board. Two years ago a shareholder ("Richard") moved in and since then he has let his water overflow eight times into the apartment below him (owned by "Tom"). Each time the water cascades down the walls of Tom's apartment and at times enters the light fixtures. Tom was very patient particularly because he liked Richard and they became friends. After about the 5th flooding, Tom asked that the matter be brought up at a Board meeting. He specifically said he didn't want anything done but wanted it on the record, which is what happened. Now Tom is furious after this latest episode and has asked the Board to advise him on what steps he needs to take to get his apartment tested for mold. What is the Board's responsibility here? Do we leave it for them to work out?> Join the conversation Comments (1)
I'm a board member in Brooklyn NY. We are a six story building. We are trying to increase our revenue stream. Some ideas are renting more storage units and cell tower leasing. I'm wondering about the current state of cell tower leasing given the changing technology. Any input on the upside/downside of this, numbers for potential income, as well as whether it's best to deal with phone companies directly or go through a third party would be greatly appreciated.
Happy Thanksgiving to all :)
I live in an HDFC coop in NYC. A few years after purchasing my boyfriend moved in. He is also interested in purchasing his own apartment in the building in a few years. We both separately meet the income requirements for HDFCs, however if we were to apply jointly we would not. If we enter into a domestic partnership before he applies to purchase an apartment would he have to list both of our incomes?> Join the conversation Comments (2)
I live in a coop with a cats only house rule. I have 2 cats as allowed by the rules but have become very depressed due to many factors, most of which stem from my unhappiness with living in this coop. I can't move for the foreseeable next year due to financial reasons. I have spoken to a therapist and received a letter stating need to get a dog and I'm sending it to the board via management company before heading to shelter to adopt dog. Is there ANY reason board can try to use to deny my right to a dog? Can they make excuses about noise, etc to try and make me get rid of dog? The management company of my coop is extremely uncooperative and I know they will try any excuse to deny me so I'm just trying to head off any problems. I have addressed a letter to board with a copy of letter from therapist stating my need prior to adopting. Any thoughts appreciated.> Join the conversation
new board member here.
our board is exploring options as far as investing our building's reserve fund (currently sitting around earning 0.1%), and one option discussed where short term (4 week or 13 week) Treasury bills
while individuals can easy create an account on the TreasuryDirect.gov website, I wonder if anyone has created an account in their coop's name, and how to go about it?
We have a shareholder who bought an apartment almost 3 months ago. He hasn't moved in yet because he is doing some renovations. We have a requirement that the apartment must be his primary residence, which it isn't yet. We have an upcoming Annual Meeting at which he may want to join the Board for next year. Technically, he is a shareholder in good standing in that he is up to date on his maintenance but does the fact that this is not yet his primary residence prevent him from being on the Board? Thank you.> Join the conversation Comments (2)
Hi All -
Our co-op would like to keep shareholders' costs low while protecting the co-op. Our management company is asking as much as $1150 from shareholders seeking to take out a Home Equity Line of Credit. A five-page application asks shareholders seeking a HELOC for two years of tax returns and all their personal financial information, as well as letters of reference. It's not at all clear what judgment the management company would make based on this information. Additionally, apart from asking shareholders to black out their social security numbers on the paperwork, the management company has no way of keeping this confidential information secure. Shareholders understandably feel their personal information is no one else's business.
The bank has approved the HELOC. The management company is required only to provide a copy of the co-op's current insurance certificate. The management company says it must "protect" the co-op. Shareholders agree the co-op must be protected but don't see what protection is being offered by submitting their personal information, nor do they see why the fee should be so high.
The "application" would make sense for a purchaser in the co-op, but otherwise seems little more than a way for the management company to generate a fee.
What does your board do for a HELOC application? What's the legal issue here?
Thanks - Muddled in Manhattan
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