What is the law about HDFC co-ops?
What is the law about HDFC co-ops?
N.Y. Priv. Hous. Fin. Law § 573 (McKinney) HPD addresses the issue of co-ops renting apartments in this letter by stating that all vacant HDFC owned apartments must be sold to new shareholders who have stated their intention to owner-occupy.
Who are the shareholders of a HDFC co-op?
Shareholders and Boards of Directors should contact UHAB, HPD or an attorney familiar with HDFCs with questions regarding their co-op, their board practices and the regulations governing the HDFC. *all reference to the HPD letter are to a letter dated October 4, 2010, RE: Housing Development Fund Corporation (HDFC) Cooperatives.
Can you sell your house to a HDFC?
Some HDFCs won’t let you sell for a # of years (though I assume that applies for the original buyers). But not all do. If some HDFCs ignore city regulations, I seriously doubt the health of that coop is good not to mention the legal risk they would face. City will clamp down on illegal activities sooner or later.
Who are the modern day HDFC buyers?
The modern-day HDFC buyer tends to be one with a lower income but significant assets: retirees, young buyers with financial assistance from parents, and those with trust funds or an inheritance. What’s the buying process like? Kimberly Lewis, a Brooklyn-based wallpaper designer, bought an HDFC co-op three years ago.
Can a low income person buy a HDFC Coop?
HDFC coops limit buyers based on income, they sell significantly below their market rates, and they’re designed to increase options for lower-income residents of the city. They have a unique set of regulations and incentive structures that make them an anomaly in the NYC real estate market.
How are HDFC coops different from market rate coops?
HDFC coops are different from market rate coops in that a shareholder’s ability to gain a profit from selling a unit is limited to ensure the continued affordability of the unit to future low-income purchasers. How do I buy an apartment in an HDFC coop?
Shareholders and Boards of Directors should contact UHAB, HPD or an attorney familiar with HDFCs with questions regarding their co-op, their board practices and the regulations governing the HDFC. *all reference to the HPD letter are to a letter dated October 4, 2010, RE: Housing Development Fund Corporation (HDFC) Cooperatives.
N.Y. Priv. Hous. Fin. Law § 573 (McKinney) HPD addresses the issue of co-ops renting apartments in this letter by stating that all vacant HDFC owned apartments must be sold to new shareholders who have stated their intention to owner-occupy.