Why do I have to give my HDFC money back when I sell?
HDFCs are permanently affordable housing that were created to help address the housing crisis in NYC. For HDFCs to remain physically and financially viable in the long term, they must build up a healthy reserve account. “Giving money back” is called a “Flip Tax” and it’s both quite common in NYC and often the only time your HDFC receives a lump sum of money to add to the reserve account. It is also a way of recognizing the benefits you received as a result of living in an affordable HDFC with low maintenance fees for many years.
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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Our HDFC is in financial trouble. What are our options?
The first step is to understand what’s causing the financial hardship. Be sure to pinpoint the issue and make a plan for long-term financial viability.
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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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