Cooperative & Condominium Law Committee
The Cooperative and Condominium Law Committee addresses issues pertaining to cooperative and condominium housing law in a variety of areas. Such areas include the changes in the policies of lenders and working with lenders to address those policies and other issues (both with respect to end loans and underlying mortgages), recent legislation in the New York State Legislature and in the New York City Council, discrimination in coops and condos, reasonable accommodations and issues between boards and apartment owners. Our members speak regularly with the Office of the Attorney General Real Estate Finance Bureau and serve on the committees of other organizations so that efforts in the industry are often coordinated.
Recent topics addressed by the Committee include:
- Various New York City Council proposals to restrict, limit and/or change the tradition rights of the cooperative and its board in regard to subletting and sales;
- Various New York State legislative bills effecting cooperatives and their boards, including The Fair and Prompt Disclosure Act;
- The New York State legislative bill proposing a coop and condo ombudsman, and the Attorney General’s Role;
- The FHFA Guidance amendment dramatically effecting the traditional coop “flip tax”;
- The effectiveness of mediation in coop and condo disputes;
- The Due Diligence Service for coops and condos now offered by a Title Abstract Company doing business in New York;
- The ever-changing Fannie Mae underwriting standards;
- Bed Bugs and the responsibilities of the Coop or Condo board; and
- The Interstate Land Sales Act.