Our HDFC is in financial trouble. What are our options?

The first step is to understand what’s causing the financial hardship. Does your building have big fuel or water/sewer costs?   Lots of vacant units? Chronic nonpayment? Be sure to pinpoint the issue and then address it by making decisions that address long-term financial viability and sustainability.

There are several loan options available to HDFCs, including low-cost options from HPD that can help your building get back on track. Which loan (or loans) you should get, and from where, depends on your needs and what type of debt you have or can carry. UHAB can help you find and apply for a loan.

Energy is typically the largest expense in your HDFC which is under your control, so energy efficiency is one of the best ways to protect your building’s long-term financial health. Incentives and grants drive the cost of energy efficiency improvements down as well. Explore energy improvements here.

Check out UHAB’s cost-saving member services for more ways to save.

Learn about ways to save

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Suggestions on Building a Rent and Maintenance Fee Policy

A standard rent and maintenance fee policy clarifies rules and procedures for rent collection, preventing future conflicts and confusion.

Save money on heat: Low-Cost Tips

Save money on heat and stay comfortable through low-cost tweaks and repairs.

Managing Your Manager

Have a manager, or thinking of hiring one? Learn how to make the most of your manager, including hiring and contracting.
I want to sell my apartment. How do I do that?

Start by giving your board of directors official notice of your intent to sell.

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Can I add a relative to my share?

The short answer is probably. Your HDFC board cannot unreasonably deny your request if it meets certain criteria.

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My board isn’t having meetings and refuses to allow me to view books and records. What do I do?

Your HDFC’s bylaws specify the board’s responsibility to hold meetings and release records.

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No one new wants to run for the board. What do we do?

Board turnover is essential for a healthy co-op. It prevents burnout for long-time board members, and ensures lots of people have the skills to keep the co-op running.

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What repairs am I responsible for as a shareholder?

As a general guideline, shareholders are responsible for repairs within their apartments, while the co-op as an entity is responsible for building systems like heating; common spaces like lobbies; and tenants’ apartments.

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I can’t pay my maintenance fee. What resources are available to me?

You can ask for a payment agreement, which can give you extra time to come up with your maintenance fee.

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Why does the Board keep raising the maintenance?

Regular maintenance fee increases are essential to your co-op’s financial heath. A 2% annual increase is mandatory in most HDFCs with Regulatory Agreements.

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How do I deal with a noisy neighbor?

Communication is a key first step. Make sure you put your issue in writing and deliver it to the board. Once you officially make a complaint, the board has a fiduciary duty to address it.

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We need to evict a shareholder. How do we do that?

Eviction is a last step after you’ve communicated with the resident, met with them, offered payment agreements, and referred them to resources.

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Why do I have to give my HDFC money back when I sell?

For HDFCs to remain physically and financially viable in the long term, they must build up a healthy reserve account.

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