Those 62 and older living in cooperative apartment units in New York will soon be able to obtain reverse mortgage loans. The amended law was signed by Gov. Hochul on January 24, 2022.To qualify, the borrower must certify annually on each anniversary of the loan that they reside in the unit and that it is their...
Showing posts with label co-op. Show all posts
Showing posts with label co-op. Show all posts
Friday, January 21, 2022
Wednesday, December 29, 2021
29
Dec
As of December 22, 2021, cooperatives have received 8 exemptions from the Housing Stability and Tenant Protection Act, which otherwise restricts landlords' rights as to their tenants.When the Housing Stability and Tenant Protection Act came out, we repeatedly tried to explain to co-op boards, property managers (managing...
Thursday, June 03, 2021
03
Jun
A law that passed the House in May and is before the Senate (The Comprehensive Debt Collection Improvement Act or “CDCIA”) could force lenders to slam the breaks on issuing mortgages to co-op purchasers.This law reverses a 2019 decision from the US Supreme Court, Obduskey V. McCarthy, and would cause the Fair...
Thursday, February 11, 2021
11
Feb
Traditionally, boards are protected from suit under what is called the Business Judgment Rule, which means that actions that are undertaken in good faith and in furtherance of the community, no matter how foolish, can not give rise to board liability. The only real exceptions to this rule are for acts of self-dealing or...
Monday, January 20, 2020
20
Jan
On this week's episode of Eye on Real Estate, January 18, 2020, we were asked about suing a cooperative board for refusing a sale by creating an absolute floor price, which unit owners had to obtain in order to sell units to third-party purchasers.
Initially, we discussed the business judgment rule, which generally...
Tuesday, June 18, 2019
Ever need to modify the pipes in your condo unit only to be denied access by your downstairs neighbor?
Those where the facts in the case of Marina Vornon and George Argiris v. Board of Managers of the Newswalk Condominium, et al. where the court granted such access.
This is the first time that a right to a...
