43. NYC Real Estate Updates for September 10, 2021

NYC Real Estate

Host Mark Levine of NYC Property Management company EBMG walks listeners through a variety of interesting topics that have just been released in September 2021.

Email the show! [e-mail]

Among the topics discussed on today's episode:

Westchester Co-op Disclosure Law:

Upon receipt of each co-op purchase application, the Board of Directors must inform the purchaser whether the application is “complete” within 15 days after receipt. If the application is incomplete, the Board must inform the purchaser of each “defect” in the application. Upon receipt of any revised application the Board then must within another 15 days either acknowledge receipt of a complete application or inform purchaser of “any uncured defect”.

Once a “properly completed application” is submitted by the purchaser, the Board has 60 days to send the purchaser a notice of rejection or approve the application. If the purchaser’s application is rejected, the Board of Directors must provide a “notice of rejection” to the Westchester Human Rights Commission (the “HRC”) within 15 days from the date purchaser was notified of the denial of their application.

The Notice of Rejection sent to the HRC must include the following:

1. the full legal name and address of the Cooperative Housing Corporation;
2. the full address and unit number of the unit that had been applied for;
3. the full names, addresses, telephone numbers, and e-mail addresses (if available) for the denied applicant(s) and seller(s);
4. the full names, addresses, telephone numbers and e-mail addresses (if available) for all legal counsel and real estate brokers involved in the rejected transaction;
5. the date of receipt of the initial application;
6. the date of receipt of the completed application;
7. the date(s) of any interview;
8. the date of rejection; and
9. the reason for rejection.

FAIR HOUSING LAW TRAINING

The new law now requires existing Directors to complete two (2) hours of fair housing training every two years. Further, each new Director must complete a minimum of two hours of training within 60 days after joining the Board. The Cooperative must maintain records of every member’s training and must make the records available to the HRC upon request. The HRC is responsible for publishing an outline of minimum standards for the training and these standards were to be available by August 16th . (As of the date of this publication, they were not available.)

PENALTIES FOR NON-COMPLIANCE

If the Cooperative does not comply with the new housing law, the noncompliance could result in a fine of $1,000 for the first offense, $1,500 for a second offense and $2,000 for a third offense. The HRC has 1 year from the date of the violation to bring these charges.

Condo / Coop Abatement Law:

To get the CCA starting 2022/23, a building must either:

(i) have AVs ≤ $60k per unit, or (ii) have $60k < AV ≤ $100k per unit AND have dwelling units < 30, or (iii) pay all building service employees the applicable prevailing wage.

In other words, if a building wants to get the CCA starting 2022/23, and it has:

(a) AVs > $60k per unit AND at least 30 dwelling units, or (b) AVs > $100k per unit (even small buildings < 30 apartments), Then it must pay all building service employees the applicable prevailing wage.

Habitat Mag "Objectionable Conduct" Review