With the stock market chugging along and the Great Recession of the late 'aughts in the rearview, the question might occur to some financially-savvy board members: Are our building's cash reserve assets performing at their best? Could they …
The New York City Department of Finance (DOF) is the city's revenue service, taxing authority and recorder of deeds. It collects more than $39 billion (yes, with a 'b') per year in revenue, and values more than 1 million properties collecti…
In the hybrid part-owner/part-tenant world of co-op living, there exists an interesting and unique financial instrument: the underlying permanent mortgage . Part of the overall financing structure for any co-op, the underlying mortgage …
In the hybrid part-owner/part-tenant world of co-op living, there exists an interesting and unique financial instrument: the underlying permanent mortgage . Part of the overall financing structure for any co-op, the underlying mortgage …
An underlying permanent mortgage (UPM) is a commercial loan, not a residential loan like your co-op mortgage. As such, it carries additional and different terms and conditions than a residential mortgage. When selecting a mortgage for your…
First-time condo buyers will be getting a break from the government regarding mortgages. The Associated Press reported Wednesday that the Federal Housing Administration has revised its current guidelines to make it convenient for those…
The board of a building or community association has a fiduciary duty to uphold its community’s governing documents, act in good faith, and advance the interests of the community at large. Occasionally, boards fail to carry out this duty – …
There are few things upon which most people agree, but a general dislike for paying more today for something that cost less yesterday is pretty universal. This goes for taxes, consumer goods, healthcare, and of course for monthly maintenanc…
The importance of saving for a rainy day is a lesson we all learn as children. Just like we as individuals should put away a little something for that ‘just-in-case’ moment, co-op corporations and condominium associations must also keep res…
Like many other American cities, New York City is currently mired in an affordable housing crisis. And the situation seemingly grows more dire by the day. As Gothamist reported earlier this year, weakened rent laws and economic pressure…