Why does the Board keep raising the maintenance?
Regular maintenance fee increases are essential to your co-op’s financial health. They help you keep pace with rising insurance, heating, and maintenance costs. A 2% annual increase is mandatory in most HDFCs with Regulatory Agreements.
Larger increases might be necessary if your HDFC is “in the red”, meaning your expenses are more than your income. If your HDFC is having to increase maintenance fees by 5% or 10% or more each year, you should be closely examining your budgets and annual reports to figure out why. You should be receiving annual financial reports, completed by a CPA, which will help you track spending.
Disabled and elderly shareholders can freeze their maintenance using SCRIE (Senior Citizen Rent Increase Exemption) and DRIE (Disability Rent Increase Exemption). Be sure to apply for SCRIE through HPD if you’re a shareholder.
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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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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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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