MESSAGE ABOUT CORONAVIRUS  More Link

Recent Changes to Co-op & Condo Laws Managing the Impact on Your Community

This past June, the New York State Legislature and Governor enacted into law a sweeping overhaul of landlord-tenant relations throughout the State; just a few days later, these same powers enacted amendments to those amendments. While relatively few of the 74 pages of densely-written text directly affect cooperatives and condominiums, boards and managers should be aware of the items that do affect – or appear to affect – their communities.

Many of the enacted provisions will be enforced through the State’s Division of Housing and Community Renewal. In the world of cooperatives and condominiums however, enforcement is nearly entirely through the courts, depending on litigants citing these laws, either in prosecuting their suits or defending them. The one exception to that general rule are the new rules on conversion to cooperative and condominium communities from conventional landlord-tenant housing; any such issues would fall under the auspices of the Attorney General's office.

Processing Fees, Security Deposits, and Background Checks

Processing fees for those applying to purchase a cooperative apartment can be quite high; however they now seem to be restricted by the new law. Newly-enacted RPL 238-a restricts the fees to “reimburse costs associated with conducting a background check and credit check, provided the cumulative fee or fees for such checks is no more than the actual cost of the background check and credit check or twenty dollars, whichever is less.” Of course, in the real world, these expenses normally run into hundreds of dollars.

Changes to the law regarding security deposits (See GOL 7-108(1-a)) limit

Read More...

Related Articles

Waldorf Condos to Hit Market This Fall

Beijing-Based Developer Moves Ahead With Conversion

From Charity to Luxury

Financing Paves the Way for Clinton Hill Redevelopment

West Village Houses Achieves Historic Conversion

42-Building HDFC Co-op Goes Free-Market

From Mitchell-Lama Rental, to HDFC Co-op, and Now to Free-Market

West Village Houses Achieves Historic Housing Conversion

Q&A: When a Mitchell-Lama Co-op Goes Private

Q&A: When a Mitchell-Lama Co-op Goes Private

New NY State Law Requires LLCs to Disclose Identities

No More Opaque Residential Transactions

 

Comments

  • Please! article about NYS legislation S750, allowing NYC coop shareholders the right to apply for reverse mortgage; the legislation was passed one year ago, but vetoed by the Governor over concerns of consumer protection clauses, the current legislation addresses those concerns; letters to the Governor urging signing into law (no vetoing) would be most helpful at this time. The proposed legislation applies specifically to seniors over age 62.