There is no listing of, or contact information for, all residents of my small condo (only for the owners). The Board and management company assume owners will relay relevant information to their roommates/subletters. At most, those who sublet their apartments provide the names of their subletters (without phone numbers or email addresses) to the owners. This is an issue when information needs to be disseminated quickly, e.g., gas leaks, or security incidents such as suspicious people entering the building when residents buzz in strangers. At the least, I want board members/ the management company to be able to relay information to all residents in emergency situations rather than relying on owners (who may live far away in different time zones) to contact residents in a timely manner. Any suggestions?> Join the conversation Comments (2)
Here are my comments on the proposed changes HPD will hold a Public Hearing Scheduled for March 14th from 10 am to 11 am
Page # 3 paragraph # 7 – Require the Housing company to remove any of its onsite employees where any such employee has violated the Private Housing Finance Law and/or applicable rules and directives, consistent with any internal grievance procedures -I questioned whether this includes “Union Employees like 32bj ? ” Many are not familiar or knowledgeable in Private Finance Laws and Procedures including Management. I object to this unless adequate training or information is given to all employees prior to enacting it.
Page# 3 paragraph # 10 Require the Managing agent to notify HPD if the housing company makes payments to and /or incurs charges from any vendor or service provider that in the aggregate equal or exceeds $100.000 in any twelve-month thereafter prohibits further charges to be incurred without the prior written approval of HPD.
” I totally agree with this change and should be enacted without objection. Board Directors and the Managing agent need to be accountable for every expense authorized by them.
Where it reads: Prohibit the housing company attorney or account from serving as the election monitor.
I object to having the housing company’s attorney or accountant monitor the election instead of having an independent company handle the election process in its entirety.
Where it reads: In the event that any Director /Officer, Shareholder, employee, or agent of any housing company shall be directly or indirectly connected with any person, firm, or corporation which may submit any bid or to whom any contract is proposed or awarded shall be part of the minutes and submitted to HPD .
In favor without objection to this ruling.
I agree that all Directors go through essential training with HPD
I agree with the insertion to the website of the redacted Board contracts and essential information.
I agree with HPD’s having rate of pay and staffing information.
Looking into the finances of my co-op in NY and I have a question about whether the financial conduct of our board over the last 25+ years is 'typical'. According to the annual financial statements, the board has taken out 2 ten year mortgages and each time, they have transferred the money (a little less than $1MM) to the cash/reserve fund and have slowly spent it over the ten year life span of the mortgage so that when they refinance and get a new mortgage, the 'cash/reserve' fund gets replenished with more money.
They are not paying down the underlying mortgage (currently they are only paying the interest of a 10-year mortgage) and the mortgage debt has increased with each new 10 year mortgage.
Is this normal for a co-op board to do so? Does this raise any red flags?
I own a cooperative unit in Brooklyn. A year ago, the original sponsor of the building sold his outstanding shares (51%), which he held on to since the building turned into a coop in the 1980's, to a single buyer. The buyer has assumed the role of "sponsor".
My question is this: Are sponsor rights transferable? Did this sale require review or approval from the AG's office? There are no amendments on file with the NY REFB.
Cooperatives may have been created as a form of affordable first time homeownership but how can we maintain them today? Shareholders haven't a clue as to what they bought and educational forums should be given to introduce them to the benefits as a investor. We cannot move forward or voice our opinions if we can't get a quorum for years. Our Board makes decisions about how our money is being spent without informing us . Dual boilers were installed with the set up outside the front windows of a elderly resident in front of the building. It looks hideous!! Could that jeopardize her health if fumes leaked out ? Governor Hochul would like to phrase out gas so where would that leave buildings that converted to dual boilers to save money. Where can shareholders get information to help fight to protect our investments without hiring a lawyer? We are left out in the cold because we have no where or any one to turn to. Please don't advise us to turn to our attorney!!!> Join the conversation Comments (2)
We have a small building, and many owners do not come to the annual meeting (we tend to barely make quorum). I think part of the problem is that the notice is quite boring: Roll Call; Financial Statement Review; Status of Capital Projects; Review of Expenditures; Q and A
I'd like to include items such as "Noise complaints" and "Issues with Surrounding Neighborhood." There are some safety issues in our neighborhood that I think everyone should be aware of. And I think a more detailed notice would draw in more attendees.
Any suggestions are welcome.
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?
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