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In response to all of these ...
In response to all of these issues, President of Linden Plaza Tenant Association Council Pamela Lockley received a February 2015 letter from HPD Director of Operations Gary Sloman which stated in part that "the current rent at Linden Plaza was determined at the conclusion of a very public process that included several opportunities for the tenant association to have input into HPD's considerations for a budget based rent determination.
letter stated that Linden Plaza's
reserve deposits were not made.
Before a Mitchell-Lama or ...
Before a Mitchell-Lama or similar co-op can even begin to debate whether or not to buy out, there has to be two votes, according to Gary Sloman, director of operations for HPD's Division of Housing Supervision.
"Some people who don't wish to cash out [sell their apartments] will have to take more money out of their pockets on a regular basis," says Sloman
On the other hand, purchasers, however, will be able to borrow against their enormous increases in equity in the form of a reverse mortgage, conventional mortgage or a home equity loan to pay the increase while still maintaining substantial equity in the future.
Financial reasons are an important consideration.
"Another issue," Sloman
says, "is that income-eligible senior citizens who are getting certain subsidies under Mitchell-Lama
may no longer be eligible to receive them."
Technically, says Sloman of HPD, "The boards do not have to disclose anything to shareholders--we don't tell them what to say except to give certain notices.
There are a number of scenarios that ultimately could take place, but Sloman
says that whatever arrangement is consummated it is ultimately up to the board and its shareholders to figure out.
"If you continue living there, you will be paying more money," agrees Sloman
Taxes are one factor that will increase maintenance.
"Taxes [on the building] will go to full taxes immediately--Mitchell-Lama pays 10 percent of shareholders' income as taxes, or less, but there is no phase-in [after a buy-out]," says Sloman
"The day after you buy out, you are paying full taxes."
A second factor is that a co-op must pay off its subsidized loans and mortgages, which means that it must finance this with a new mortgage through the private market, adds Sloman
According to Sloman
, although many Mitchell-Lama rentals have left the program and many more co-ops are contemplating it, only one Mitchell-Lama co-op (the Anthony J. Contello in Brooklyn in 1989) has actually done so as of this time.
Its namesake, Contello III, also in Brooklyn, is currently considering privatization, according to Sloman
"When a Mitchell-Lama does not ...
"When a Mitchell-Lama does not have sufficient rent revenue, it can not properly maintain its day-to-day operations or do long-term capital improvements," said Gary Sloman, a director of operations at HPD.
said that repairs have picked up since the rent increase, and the building is getting inspected more frequently.
"We are handling [inspections] in a better fashion," he
wasn't aware of the issue.
"We know it's not ideal," said Gary Sloman, the agency's director of operations.
is considering switching companies, but wages will probably still be on the low end, he
2008 May : Mount Hope Monitor
"We will step up to the plate," said HPD's Gary Sloman, until the legal proceeding are resolved.
But that's all that was agreed upon.
Sloman said that HPD can't determine disputes over who is, and who isn't, the real board at Bronx Heights.
CB5's Rodriguez, for his
part, just wants to see services returned to these buildings.
"We have 276 innocent tenants who don't know what's going on," he
Online News From The Tribeca Trib
Gary Sloman, the director of operations for HPD's Division of Housing Supervision, acknowledged that an owner is not obligated to accept the subsidy program but said that his agency would "strongly encourage the owner to accept the program."
"I can't imagine any motivation for an owner not to be in the program," Sloman