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Co-op City Times / May 4, 2019
HCR Has Approved Riverbay's Request for Waiver of Occupancy Regulations To Accommodate Apartment Downsizing for Seniors and DRIE-Eligible Shareholders Co-op City Times Co-op City’s official newspaper serving the world’s largest cooperative community. (718) 320-3300, ext. 3375 cctimes@riverbaycorp.com
April 30, 2019
Ms. Linda Berk, President Riverbay Corp. 2049 Bartow Avenue Bronx, NY 10475
Rozaan Boone Editor-in-Chief
Jennifer Piovanetti Operations Manager
Ralph Henriquez Production Manager
Ref: Waiver of Regulations to Allow for Downsizing Dear Ms. Berk:
The commissioner of the Division of Housing and Community renewal (“DHCR”) may waive provisions of DHCR’s Mitchell Lama regulations (9 NYCRR Part 1700 et seq.) where, among other reasons, such waiver and use of alternative procedures are appropriate to the interests of the housing, company, the public, a lender and/or the housing company residents. (See 9, NYCRR Subpart 1700s.S). Pursuant to a letter dated December 20, 2018, and Emergency Resolution # 19-18, passed at a meeting of the Riverbay Board of Directors at their meeting held April 3, 2019, Riverbay Housing Corp (hereinafter, the “Housing Company”) has requested a waiver and the use of alternative procedures with respect to certain Mitchell Lama regulations regarding occupancy to allow eligible shareholders seeking to downsize a complete waiver of the payment of the equity currently charged for the new smaller apartment. The housing company contends that many residents have aged in place and now wish to downsize but cannot afford to do so due to DHCR’s occupancy regulations. Based on our review of your submissions and our discussions with the Riverbay Board and management and in order to facilitate this downsizing program, DHCR hereby approves your request for waiver and use of alternative procedures with respect to occupancy and intra project transfers, as follows: (1) An initial waiver term of one year. (2) Eligibility to be limited to shareholders (heads of household) who are 62 year of age or older or who would otherwise be considered handicapped for eligibility purposes under the NY City DRIE program. (3) The eligible shareholder’s annual income could not exceed $59,000 and would not be available to any shareholder currently paying a surcharge. (4) The transferring shareholder would not be required to pay the current equity price for the new apartment but would have the value of their existing equity transferred to the new apartment. (5) The transferring shareholder will not be responsible for the three months of carrying charges (until their apartment is sold) for their old apartments but would be responsible for any damages beyond normal wear and tear. (6) The transferring shareholder could move to any apartment smaller than their current unit. (e.g. a single or two-person household would be eligible for a two-bedroom unit). (7) There would be one downsizing transfer allowed for every two regular transfers. In addition, to ease DHCR’s administration of the Automated Wait List and help expedite required approvals of occupancy, we further require the following: 1. The shareholders transfer application, form HM-80T, must have the notation, “ER19-18 DOWNSIZE WAIVER”, in the comment section. 2. Upon entering the application on Automated Waiting List, the notation, “ER19-18 DOWNSIZE WAIVER”, must be in the priority field. Thank you.
Very truly yours,
Alfred Walcott, Director Office of Integrated Housing Management
cc: B. Klehammer, D. Murphy
Article SIXTH of your Occupancy Agreement provides, in part, that your lease automatically renews for an additional three (3) year period. You need to do nothing if you want your lease to extend for another three (3) year period. If you will be moving out at the end of your lease, notify Riverbay, in writing, Attention: Sales Support Office, 2049 Bartow Avenue, Bronx, NY 10475, ninety (90) days prior to lease expiration.
The Co-op City Times welcomes issue-oriented letters to the editor to be considered for publication. All letters, in prose, not poetry, must be addressed to the editor, not to third parties. All letters must be signed by the writers and include their addresses and phone numbers, which will be kept confidential, so that the editor can verify the authenticity of the authors. Writers will be limited to one letter per topic. Anonymous or unsigned letters will not be accepted for publication. Letters cannot exceed 350 words. Ideally, they should be typed. All letters must be in the Co-op City Times office in Room 21, Bartow Community Center, by 3 p.m. every Monday to be considered for publication in that week’s edition. Views and opinions expressed in letters and Directors’ Viewpoint are solely the writer’s, and not necessarily shared by the Co-op City Times or Riverbay Corp. Advertisements and classified advertisements in the Co-op City Times do not necessarily reflect an endorsement from Riverbay Corporation of goods and services, but present greater options to cooperators of products and services available. The Riverbay Corporation does not assume any responsibility nor is it a party to any contract or agreement between the cooperator and the vendor. All matter published herein is copyrighted by the Co-op City Times. Permission for reprints of advertising or editorial contents produced by the Co-op City Times must be obtained in writing from Riverbay Corporation, 2049 Bartow Ave., Bronx, New York 10475.
Important Notice to Shareholders of Building 23 Building 23
Building 23 140 Benchley Place
Current Lease Expiration Date
July 31, 2019
New 3 yr. Expiration Date
July 31, 2022
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