Following on the sweeping -- and controversial -- Housing Stability and Tenant Protection Act of 2019, the New York state legislature has proposed a bill that some fear could have disastrous implications for residential real estate acro…
Following on Benjamin Franklin's assertion that “nothing can be said to be certain, except death and taxes,” in New York City, homeowners are feeling a level of un certainty, at least as to the tax part. The city government has proposed …
The Federal Housing Administration (FHA), which insures mortgages made by private lenders and banks, will ease condo financing regulations to open up homeownership for more first-time buyers, effective October 15, reports Yahoo! Finance.…
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 – …