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Council of New York Cooperatives & Condominiums
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Legislative Issues

LEGISLATIVE PRIORITIES FOR 1997

Each year, CNYC sets an ambitious legislative agenda, seeking to advance the interests of cooperatives and condominiums in many arenas. As specific legislation is introduced, we will reach out to our members for the grass roots support vital to passing this legislation. The Executive Board of CNYC has endorsed the following goals. We welcome your suggestions of additional issues:

A. In Congress
1. Amend I.R.C. Section 216 for more equitable treatment of certain revenue.
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2. Require that lenders offer cooperatives and condominiums first option to purchase defaulted loans.
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3. Provide the same benefits to Veterans in cooperatives that their counterparts enjoy in other forms of home ownership.
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4. Have all legislation with exemptions and benefits for private homes include residential cooperatives and condominiums in their definitions of private homes.

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B. In Albany

1. Property Taxes
a. Continue reform of NYC Property Tax for fairness to all taxpayers.
b. Revise the Governor's STAR plan to deal equitably with all taxpayers.
c. Reduce interest penalty from 18%.
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2. The Courts
Establish a separate part in NYC Housing Court for co-op and condo issues.
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3. Martin Act
a. Allow a right of Private Action.
b. Provide that cooperatives and condominiums can collect rent from any subtenant when the owner of a unit defaults on carrying charge payments.
c. Give resident-shareholders control of the board at conversion; require sponsors currently selling units to amend their offering plans to provide resident control.
d. Limit sponsors' right to rent vacant units (complete the conversion).
e. Require curing of dangerous and hazardous conditions prior to conversion.
4. Condominiums
a. Enable condominiums to borrow money for capital improvements.
b. Authorize the board to curtail non-essential services in a default.
c. Judicial foreclosure of common charge lien.
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5. Lead Hazard Control
Clarify that unit owners are responsible for the interiors of their apartments.
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6. Require that lenders offer cooperatives and condominiums first option to purchase defaulted loans.
7. Have all legislation with exemptions and benefits for private homes include residential cooperatives and condominiums in their definitions of private homes.
8. Provide the same benefits to Veterans in cooperatives that their counterparts enjoy in other forms of home ownership.

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C. In the City Council

1. Property Taxes
a. Continue to Reform NYC Property Tax for fairness to all taxpayers.
b. Reduce interest penalty from 18%.
.
2. Lead Hazard Control
Clarify that unit owners are responsible for the interiors of their apartments.
.
3. Have all legislation with exemptions and benefits for private homes include residential cooperatives and condominiums in their definitions of private homes.
 
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Tel: (212) 496-7400
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E-mail: info@cnyc.coop
 
   
 
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