tag:blogger.com,1999:blog-30176473.post5730178623995324499..comments2024-03-16T05:08:17.833-04:00Comments on nyc BLOG estate ®: HDFC Co-op | "Affordable" Home OwnershipMitchell Hallhttp://www.blogger.com/profile/00642953679432805990noreply@blogger.comBlogger92125tag:blogger.com,1999:blog-30176473.post-52097456674335919752017-08-23T14:45:58.562-04:002017-08-23T14:45:58.562-04:00The max income is 130% of ami. It is about max 86k...The max income is 130% of ami. It is about max 86k for a single person or 99k for a family of 2. Maintenance is over 1k. The units aren't exactly affordable but yet these ristructions are in place. I still owe the bank over 100k. Anonymoushttps://www.blogger.com/profile/09744437752756809697noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-59401589024689067902017-06-15T09:05:16.519-04:002017-06-15T09:05:16.519-04:00Sorry to hear that. Possibly malpractice? The inco...Sorry to hear that. Possibly malpractice? The income restriction won't be a problem to sell. There are plenty of buyers that will qualify. The 50% of profit is a lot. I sold in an HDC condo that had the 50% 15 year flip tax. Seller needed to sell but still made a profit. He bought for $200K, I sold it for $580K ($380K profit) He netted $190 profit. The 15 year mortgage was satisfied earlier this year and now comparable units in building are getting over $million.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-57271458532727400832017-06-15T07:59:20.308-04:002017-06-15T07:59:20.308-04:00My lawyer didn't do her job. She was recommend...My lawyer didn't do her job. She was recommended by the sponsor and failed to explain any of these things to me. Anonymoushttps://www.blogger.com/profile/09744437752756809697noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-19965510079814005862017-06-14T13:53:58.854-04:002017-06-14T13:53:58.854-04:00D Will,
I beleive it's legal as I have sold ma...D Will,<br />I beleive it's legal as I have sold many HDC subsidized coop and condos with income restrictions and flip taxes. I am not an attorney. You should consult an attorney for legal advice. Buyers should always read the offering plan and bylaws or have their attorney read them and advise buyer accordingly before purchasing any coop or condo. If you want to sell, I can sell it for you but you will have to pay HDC the 50% flip tax prior to the 15th year or when the mortgage with HDC is satisfied if that is what is stipulated in the coop/condo bylaws.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-6385608366679336902017-06-13T20:54:55.670-04:002017-06-13T20:54:55.670-04:00Hello I purchased a Coop a few years ago and I thi...Hello I purchased a Coop a few years ago and I think I made such a bad mistake. I want to leave and now I feel like I am stuck. The development was financed by HDC and is actually a "Coop" but with tons of restrictions that make it very hard to sell. Income restrictions that last 30 years, 50% profit to HDC if you sell within 15 years and there is no sublet and other restrictions. Many of these restrictions were unknown to buyers when they purchased the units. I think they are rental units that you can't walk away from. <br /><br />My question is do you think it is legal for HDC impose restrictions on shares that were sold? Has anyone ever challenged this?Anonymoushttps://www.blogger.com/profile/09744437752756809697noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-82776154626700462682017-03-12T11:47:46.479-04:002017-03-12T11:47:46.479-04:00Do you mean you only qualify for 165% buildings? T...Do you mean you only qualify for 165% buildings? There are much fewer 165% buildings. Most are either 120% or 6x the maintenance buildings. What are you looking for? mhall@corcoran.comMitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-26442569066728071622017-03-12T10:58:03.175-04:002017-03-12T10:58:03.175-04:00Hi Mitchell,
My husband and I are having a hard t...Hi Mitchell,<br /><br />My husband and I are having a hard time finding apartments that fall under 165% of AMI, any suggestions?Anonymoushttps://www.blogger.com/profile/03285701175048253588noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-716238518572949542016-11-17T18:17:18.500-05:002016-11-17T18:17:18.500-05:00HDFC may pay no property taxes or reduced property...HDFC may pay no property taxes or reduced property taxes. After regulatory agreement expires HDFC coop's may pay reduced property taxes. Income restriction remain as long as coop is HDFC coop. Maximum allowed is 165% of AMI.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-12201632722853478642016-11-15T21:31:19.565-05:002016-11-15T21:31:19.565-05:00Question When the Tax abatement is lifted and shar...Question When the Tax abatement is lifted and share holders start paying real estate taxes, Is the income restriction lifted at that time hkhttps://www.blogger.com/profile/03730042121833551309noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-46466552235189384242016-07-09T10:18:23.820-04:002016-07-09T10:18:23.820-04:00HDFC Cooperative Median Income Standards: 2016 Upd...HDFC Cooperative Median Income Standards: 2016 Update <br /><br />Household Size Maximum Gross Income <br />120% AMI 165% <br />1 $76,125 $104,775<br />2 $87,000 $119,625<br />3 $97,875 $134,640<br />4 $108,750 $149,490<br />5 $117,450 $161,490<br />6 $126,150 $173,460<br />7 $134,850 $185,420<br />8 $143,550 $197,380Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-50618534642467806412016-07-06T07:20:01.172-04:002016-07-06T07:20:01.172-04:00Most HDFC coops only require coop board approval. ...Most HDFC coops only require coop board approval. However, coops, condops and condos with an underlying mortgage or construction loan from NYC Housing Development Corporation (HDC) after coop board approval also require income verification and final approval from NYC HDC. Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-5986872065456323982016-07-06T02:33:27.826-04:002016-07-06T02:33:27.826-04:00Does the city or other government agency approve i...Does the city or other government agency approve income verification and applications for potential buyers of HDFC coops, or does approval come from just the coop board according to the bylaws bella whitthttps://www.blogger.com/profile/01043501270420586864noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-90285209769419770382016-07-06T02:30:03.723-04:002016-07-06T02:30:03.723-04:00does the City or some other government agency veri...does the City or some other government agency verify a potential buyers income and application, or just the coop board of each building?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30176473.post-60951240202464044472016-06-17T18:37:15.602-04:002016-06-17T18:37:15.602-04:00Few HDFC homeowners are unaware that HPD will soon...Few HDFC homeowners are unaware that HPD will soon require that ALL HDFC's that don't have a regulatory agreement MUST sign a new one. They have a current draft (I have a copy but it is embargoed, so I can't share it yet) but let's just say that HPD will essentially control your coop, and there are multiple other restrictions that will make your hair stand on end. If you don't sign, you lose your tax benefits, however, you must still adhere to income restrictions.<br /><br />When I purchased, ALL of the coop's documents noted expiration dates. But those have no validity, according to HPD and the AG's office. They cite the PHFL Article XI as the holy grail controlling HDFCs -- maintaining that no one can benefit financially from selling an HDFC. I feel kind of betrayed because the city and state signed off on documents that have expiration dates. Now we are being told they are invalid.<br /><br />I am not an original shareholder but know the city charged $140,000 for the building even though it was assessed for $88,000. The original shareholders did all the work to renovate the entire building and get the CofO, with no help from HPD other than a loan, which was paid off a long time ago.<br /><br />I totally support affordable housing, but the new regulatory agreement would force me to take such as loss that I won't even be able to pay off my mortgage. I urge everyone to contact their city council representatives to alert them to what will soon arrive on their desks. They city is aiming to push this through because DeBlasio wants to take credit for preserving affordable housing, and does not care if current owners become collateral damage. We need HPD to be transparent and we must demand due process for homeowners to provide input before the new regulatory agreement is set in stone.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30176473.post-6949819948040302222016-04-10T20:48:36.731-04:002016-04-10T20:48:36.731-04:00D Will,
The buildings that I'm familiar with t...D Will,<br />The buildings that I'm familiar with that allow 250% of AMI are different than a typical HDFC coop. Usually they were a regular type coop conversion or new construction with a mortgage and regulatory agreement with HDC.<br /><br />Typical HDFC Coops were buildings abandoned by landlords and city sold building back to existing tenants for $250. All shareholders have 250 shares regardless of the size of their apartment. The original owners didn't need need to meet any income restrictions since they were existing rental tenants.<br /><br />I've represented sellers in several buildings that allow 250% of AMI. When the initial units were offered for sale some were sold at 120%, 165% 175% and 250% Some buyers got their apartments through lotteries. <br /><br />In some of the documents it may refer to HDFC but in the buildings that I've sold in with 250% maximum at the end of the regulatory agreement with HDC there is no restriction. <br /><br />The Washington AKA Site 14 at 231-255 West 148th is such a coop- I've sold several apartments there. Check your offering plan to be sure but if the original shareholders paid more than $250 or even $2500 for their apartments and prices were offered at $100,000 and up it's most likely a cooperative with regulatory agreement with HDC.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-6103804413864227912016-04-10T19:37:33.417-04:002016-04-10T19:37:33.417-04:00Unknown April 8/2016,
After initial restriction a...Unknown April 8/2016, <br />After initial restriction and regulatory agreement depending on building bylaws and incorporating documents usually 2/3 of shareholders can vote to become a non-HDFC coop. It's pretty rare since the maintenance would increase significantly losing the benefit of no or very real estate tax. There are a few HDFC that incorporated very early in the program that had income restriction in offering plan time limited and have expired. According to NYC/HPD the cooperation must adopt a new standard and 165% of AMI is the highest allowed.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-73125882753966208682016-04-08T15:12:07.189-04:002016-04-08T15:12:07.189-04:00I live in an HDFC Coop. Are you saying after the r...I live in an HDFC Coop. Are you saying after the regulatory agreement expires a new income restriction will have to be adopted? Some of the units were sold at 250% AMI but you are saying the max is 165%. When the regulatory agreement expires do buyers need their income verified with the city before purchasing?<br /><br />Thanks for all the info. Anonymoushttps://www.blogger.com/profile/09744437752756809697noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-24681001357593800452016-04-08T10:40:13.467-04:002016-04-08T10:40:13.467-04:00I was not aware that the income restriction was fo...I was not aware that the income restriction was forever. I thought after the initial restriction ended that would be the end of it. Anonymoushttps://www.blogger.com/profile/09744437752756809697noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-51107828465709114092016-02-21T03:01:44.073-05:002016-02-21T03:01:44.073-05:00very interesting post.this is my first time visit ...very interesting post.this is my first time visit here.i found so mmany interesting stuff in your blog especially its discussion..thanks for the post!<a href="http://www.fastusaloanonline.org" rel="nofollow">no credit check loans</a><br />Anonymoushttps://www.blogger.com/profile/11568019503901314992noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-18327278862458377002015-12-30T07:44:36.405-05:002015-12-30T07:44:36.405-05:00Subletting may or may not be allowed. If there is ...Subletting may or may not be allowed. If there is a subletting policy it would be in the coop's bylaws. In most HDFC coops subletting requires board approval. You need to check with the board or if the coop has a managing agent regarding subletting. Often they allow subletting for a maximum of two years. They may require you to sell it. You should also consult with a NYC real estate attorney since you inherited the property.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-41157058686326215692015-12-30T05:17:59.225-05:002015-12-30T05:17:59.225-05:00Hi Mitchell
I inherited a HDFC from my deceased f...Hi Mitchell<br /><br />I inherited a HDFC from my deceased father who resided in bklyn, and want to sublet it. Is this possible and what do i have to do to get it done. Also do i have to fill out a section A form.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30176473.post-1724049227669933042015-12-09T18:21:43.514-05:002015-12-09T18:21:43.514-05:00There are lenders that loan in HDFC coops such as ...There are lenders that loan in HDFC coops such as Citibank but the HDFC coop determines the amount of financing it will allow. Most HDFC coops will not allow more than 90% financing (10% down) In some HDFC coops financing is not an option.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-62839565883057136042015-12-09T16:59:52.307-05:002015-12-09T16:59:52.307-05:00Hello Mitchell,
Your blog has been a great resou...Hello Mitchell, <br /><br />Your blog has been a great resource to find out information on HDFCs. I am in the process of trying to purchase one, but am hitting quite a few snags in the process. Few people offer low downpayment options. Even fewer offer a purchase through a consigner. I had a loan process started until I a coPURCHASER was needed. Do you know of any lenders that offer low downpayment and consigner options? Any information would be appreciated! Anonymoushttps://www.blogger.com/profile/04788120743356589635noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-63959778860809617912015-11-07T09:32:32.449-05:002015-11-07T09:32:32.449-05:00HK,
There is no specific formula or standard used ...HK,<br />There is no specific formula or standard used by all HDFC coops. While HUD and NYC HPD determine the maximum income allowed based on AMI (Area Median Income) each individual HDFC coop board can use their discretion in determining the maximum income allowed to purchase set by HPD. According to HPD a purchaser's total current income determines eligibility. Many HDFC coop applications require full financial disclosure including a letter from employer verifying current income and recent pay stubs in addition to most recent tax returns that document prior year's income.Mitchell Hallhttps://www.blogger.com/profile/00642953679432805990noreply@blogger.comtag:blogger.com,1999:blog-30176473.post-54721671740225793982015-11-01T22:08:06.296-05:002015-11-01T22:08:06.296-05:00How is income determined, Is it AGIHow is income determined, Is it AGIhkhttps://www.blogger.com/profile/03730042121833551309noreply@blogger.com