NEW YORK CITY

To mark the 45th anniversary of Earth Day, CityRealty decided to take a closer look at Manhattan's eco-friendly neighborhoods and residences. For a few years, the Financial District has been working hard to shed its isolated and desolated image — come 5 or 6 P.M. it would turn into a ghost town. As part of its transformation into a more residential area, it has embraced the green agenda. In fact, the downtown area looks to be the greenest in New York City. How green are we talking? 

West 57th Street, or Billionaire's Row as it is commonly called, may impress many, including the one percent, with all its high-rise glory, but not everyone is a fan. DNAinfo reports that Community Board 5's Sunshine Taskforce has spent a year studying the effects of these buildings can have on Central Park and those who paid top dollar for nice views of it. The taskforce plans to hold public meeting next week at the New York Public Library's main branch on Fifth Avenue, and they encourage local residents "to air grievances about the development of super-tall condo buildings on the stretch." According to the article, the taskforce isn't only "concerned about shadows cast on Central Park by the supertowers." It also has objections about air quality, protection of historic buildings, and construction issues, such as plexiglass and cranes falling. The public meeting will be held Tuesday, April 28, from 6-8 P.M. at the South Court Auditorium at the New York Public Library.

A READER ASKS: I am on the board of co-op in Queens. A few years ago, we had a problem with arrears, but we've been working really hard toward resolving it. We were told that no more than 15 percent of the units should be more than 30 days in arrears for maintenance or common charges. As of last year, we are well under that percentage, but it seems like potential buyers are still having trouble borrowing money to purchase apartments. We are concerned that with sales still suffering, the building's value will plummet. What can we do to get the building back in tiptop financial shape?

Treat everyone as equals. It's a good rule in general and essential in the running of cooperatives and condominiums. You may want to help out a friend, neighbor, or political supporter by giving that person a break on the rules. It's human nature. Do that as a board member, however, and you are looking for trouble. Every shareholder or unit-owner must be treated alike. But sometimes issues are not very straightforward. At first glance, it may seem as if a board is treating shareholders differently, but if you look closer, the reality might be entirely different.

Just a few weeks ago, StreetEasy analyst Alan Lightfeldt mentioned, when discussing February condo sales figures, that sellers would begin to flood the market with new units come spring. Well, spring's finally here and the New York Daily News reports that, according to Corcoran Sunshine, approximately 5,377 new condo units are expected to hit the market this year, including 1,900 this spring alone. The "stream of uber-luxe new condos is coming to market in some of the city’s priciest locales, finally putting an end to the enduring inventory shortage that’s been pushing up prices." Well, that's good news for the super wealthy, but Andy Gerringer of the Marketing Directors, which specializes in marketing new condos and rentals, warns that it can create backlog in the market. We'll be following, but in the meantime, do check out the eye candy hitting the market soon.

You survived the mountain of paperwork, you scored your first mortgage, and you passed the board interview with flying colors. Congratulations, new shareholder! So now that you've had a chance to settle in to your brand new co-op apartment, how does a spot on the board sound to you? Well, maybe it's too soon. But since you've invested in co-op living, it's a good idea to familiarize yourself with the board and how it works — you will not only get insights on how the building is run and why but you may decide in future to throw your hat in the ring. 

We were just talking about how potential co-op and condo buyers with little-to-no-credit may have a shot at getting approved for a mortgage, even with credit scores as low as 620. Well, sit down, because we have some more good news on the mortgage front. Come August 1, reports The New York Times, mortgage terms will be simpler for potential buyers to understand. "Borrowers will receive one disclosure, the Loan Estimate, detailing the terms and projected closing costs shortly after application, and another, the Closing Disclosure, just before signing off," according to the article. The new forms were mandated by the Consumer Financial Protection Bureau, as part of its "obligation under the Dodd-Frank Act to integrate and simplify the four different mortgage disclosures currently required under the Truth in Lending and Real Estate Settlement Procedures acts." Jonathan Corr, chief executive of Ellie Mae, a provider of loan origination and other software systems for the mortgage industry, explains to The Times that the rule streamlines the forms but goes a step further and renders the terms of the mortgage in plain speak. "It [also] rewrites long-established rules about the timing and method of disclosing, what triggers a disclosure requirement, and under what conditions you might need to re-disclose," Corr was quoted as saying.

At each annual meeting, you give your co-op shareholders or condo unit-owners a copy of the yearly financial statement. And for most of them, it's like handing them the inside of a board-game lid where all the rules are printed: almost nobody reads them, since the rules go on and on in that tiny type, and people figure there will always be one person who'll read and explain them to everyone else. Indeed, that job usually falls to the board's accountant, the one who has prepared all those columns of figures in tiny type. "That's generally something we do as a presentation at the meeting," says Stephen Beer, a partner at the accounting firm Czarnowski & Beer. "We go through important changes and highlight specific benchmarks so people can get an understanding as to how the building is doing. Every now and then a treasurer will do it," he says, "but I don't usually see that [as something done by] board members."

The board, however, does set the parameters of what it wants to emphasize to shareholders and unit-owners. That raises the question: what are the most significant points you want to give residents as a takeaway?

Buying a co-op apartment in New York City can be daunting. Potential co-op buyers have to pass muster with the building's board of directors, wrap their heads around the admissions package, prepare for an admissions interview — and then there's the bank. Getting approved for a mortgage is formidable enough. But when you have a craptastic or nonexistent credit score, you may as well fuggedaboutit — which is a shame considering that co-ops and condos are starting to hit the market in still-kind-of-affordable neighborhoods like the South Bronx. It's also a shame because a low credit score is not always indicative of fiscal irresponsibility. As Brickunderground points out, it can simply mean that a person has chosen not to use credit cards (it happens!) or they can't get them because of bankruptcy or foreclosure. These are people who pay their other bills on time. We're talking cell phone, cable, phone, and gas and electric bill payment history. Surely, that should count for something, right? Well, now it does. The Wall Street Journal has reported that "Fair Isaac Corporation (FICO), the credit score system used most often for mortgages, has announced a new credit score based on other financial data, such as cell phone, cable, phone, gas, and electric bill payment history." This ray of hope has the potential to be a game-changer for those who keep up with their bills for at least six months. "In New York City," adds Brickunderground, "Fannie Mae will entertain scores as low as 620, as long as the loan is no more than $417,000. For higher loans, you'll generally need a FICO credit score between 680 and 700 to qualify for a mortgage." 

A READER ASKS: I am a recent addition to a nine-member board in a small Brooklyn co-op. We're starting to discuss a few capital improvement projects, including replacing our elevator, revamping our laundry room, and determining whether it's time to expand the storage area. The elevator is priority, because it breaks down a lot and has become a major safety concern. But we're torn on the other two projects. Neither is priority but we don't have the funds to do both. I suggested we survey the building residents, but a fellow board member thinks that may open up a can of worms. I don't want to be pushy because I'm new — and I've never served on a board before — but are surveys a thing that boards should just avoid altogether?