Member Seminar: 40% of Profit to the City: Issues that Arise when the 60/40 Requirement Ends

This seminar is designed for board members and other shareholders of HDFCs that have spent the better part of 25 years paying 40% of all of their resale profits to the city.

Certain HDFCs will soon reach the end of the HPD 25-year 60/40 resale restriction period.  As your building’s corporate documents state, however, your income guidelines (based on Section 576 of the Private Housing Finance Law) DO NOT EXPIRE along with the 60/40 resale restrictions.  According to your documents, the Co-op Corporation IS REQUIRED to observe the Income Guidelines of Section 576 (1) of Article XI of the Private Housing Finance Law for as long as you are an HDFC. 

Does this apply to my building?
This rule applies to many HDFCs, depending on the incorporation dates.  This applies to buildings that incorporated as an HDFC between 1986 and 1995 (however buildings that incorporated in 1986, 1987 and 1995 should refer to their documents to confirm whether this applies).

To clarify these rules and regulations, UHAB Member Services is hosting a special seminar for your HDFC.

Join UHAB, Brooklyn Law School Professor Debbie Bechtel, and students from the Brooklyn Law School Corporate and Real Estate Clinic as they explain what actions your HDFC is required to take to officially terminate your 60/40 resale agreement once it expires.  Hear what changes you will need to make to your proprietary lease, by-laws, and certificate of incorporation.  Learn about each step of the process, from obtaining HPD approval to making amendments to your corporate documents.  

Registration is required: Please contact UHAB at (212) 479-3318 or ng@uhab.org. We hope to see you there!

 

- See more at: http://www.uhab.coop/c/member-seminar-40-profit-city-issues-arise-when-6040-requirement-ends#sthash.aSUdmGK5.dpuf

´╗┐This seminar is designed for board members and other shareholders of HDFCs that have spent the better part of 25 years paying 40% of all of their resale profits to the city.

Certain HDFCs will soon reach the end of the HPD 25-year 60/40 resale restriction period.  As your building’s corporate documents state, however, your income guidelines (based on Section 576 of the Private Housing Finance Law) DO NOT EXPIRE along with the 60/40 resale restrictions.  According to your documents, the Co-op Corporation IS REQUIRED to observe the Income Guidelines of Section 576 (1) of Article XI of the Private Housing Finance Law for as long as you are an HDFC. 

Does this apply to my building?
This rule applies to many HDFCs, depending on the incorporation dates.  This applies to buildings that incorporated as an HDFC between 1986 and 1995 (however buildings that incorporated in 1986, 1987 and 1995 should refer to their documents to confirm whether this applies).

To clarify these rules and regulations, UHAB Member Services is hosting a special seminar for your HDFC.

Join UHAB, Brooklyn Law School Professor Debbie Bechtel, and students from the Brooklyn Law School Corporate and Real Estate Clinic as they explain what actions your HDFC is required to take to officially terminate your 60/40 resale agreement once it expires.  Hear what changes you will need to make to your proprietary lease, by-laws, and certificate of incorporation.  Learn about each step of the process, from obtaining HPD approval to making amendments to your corporate documents.  

Seminar is free but pre-registration is required: Please contact UHAB at (212) 479-3318 or ng@uhab.org with your name/ HDFC name and contact information.

We hope to see you there!

 

Time: 
Jun 20 2016 - 6:00pm - 8:00pm
Location: 

Adam Clayton Powell State Office Building

163 West 125th Street, Room 8A
(just east of Adam Clayton Powell, Jr. Boulevard/ Seventh Avenue)
New York, NY 10027

Please note that you will need Photo ID to enter the building.  Please arrive early to allow for time to go through building security/ visitor check-in.