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Co-op City Times / May 23, 2020
Annual Income Affidavits Notice BY AVERIL JAMES-BONNETTE, ASSISTANT DIRECTOR, FINANCE DEPARTMENT
The annual income affidavit process for Co-op City residents is currently underway. The Income Affidavit and related instructions were mailed last week to all cooperators required to file (excluded are new residents who moved into Co-op City after March 31, 2020, and those cooperators on the Section 8 Program). In response to certain concerns raised regarding the income affidavit requirement and the spread of the novel coronavirus (COVID-19), HCR has extended the deadline for the income affidavit process to July 31, 2020. This year’s income affidavits do NOT need to be notarized. Signed affidavits without notary acknowledgement are acceptable. New surcharges will be imposed effective Oct. 01, 2020 based upon data taken from your 2019 Income Affidavit form. Please note that it is essential that every cooperator submit their 2019 Income Affidavit in a timely manner. If you filed an application for extension in lieu of a 2019 NYS Tax Return, you are still required to submit your affidavit by July 31, 2020. Please estimate your income and identify as “Estimated Income.” File an amended affidavit once you have filed your tax return or you will be subject to the maximum 50% surcharge. Also, please note that Riverbay must be notified in writing with a copy of the extension form. In cases where there are two shareholders of an apartment and if one of the shareholders has permanently vacated the apartment, it is important that the remaining shareholder submit documentation to Riverbay Corporation as to where the vacating shareholder currently resides. Acceptable documentation could be: (1) driver’s license with current address, (2) copy of the apartment lease, (3) utility bill with current address. If this documentation is not submitted with the Income Affidavit, the income affidavit will be returned as incomplete and a 50% surcharge will be assessed each month until the documentation is submitted. The shareholder will be liable for all surcharges assessed, no credits will be issued for surcharges already assessed. Failure to complete and return the Income Affidavit form in a timely manner will result in the maximum surcharge of 50% of your basic carrying charges. You would then be required to pay the 50% surcharge for each month, through the end of the month you finally filed. In no event will credit be given for excess surcharges already assessed as a result of failure, neglect or refusal of the cooperator to file the Income Affidavit on a timely basis. The instructions being mailed with the Income Affidavit form include a cover letter and worksheet which will assist the cooperator in determining whether they are subject to a carrying charge surcharge. Cooperators are advised to read the material very carefully. As required by State law, copies of Income Affidavit forms will be submitted to the state for verification of income against filed tax return. Cooperators are cautioned, therefore, 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.
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
Rozaan Boone Editor-in-Chief
Toriea McCauseland Junior Associate Editor
Jennifer Piovanetti Operations Manager
Ralph Henriquez Production Manager
John Crow New Media Producer
to make sure that the data provided come from their NY State tax return. This year, there will be no all-day sessions to assist cooperators in filling out their Income Affidavit forms. In addition, because of the coronavirus outbreak, shareholders will be required to drop off their completed income affidavits and insurance declarations in the carrying charge boxes. Please put in an envelope and clearly mark ‘2019 INCOME AFFIDAVIT’ on the outside of the envelope. Income affidavits can also be submitted by mail to the following address: RIVERBAY CORPORATION, FINANCE DEPARTMENT - ATTENTION: 2019 INCOME AFFIDAVIT, 2049 Bartow Avenue, Bronx, NY 10475. Enclosed with the annual income affidavit packet is a letter from the Riverbay Risk Management department regarding the submission of co-op insurance declaration page or certified letter from your insurance broker or company showing that you have the required insurance coverage on your apartment. Please note that the insurance documentation must be submitted along with your annual income affidavit by no later than July 31, 2020 to avoid the assessment of $150 Community Complaint fine. Any questions regarding the insurance documentation should be addressed to the Risk Management department at (718) 320-3300, ext. 3388.
The Co-op City Times welcomes issueoriented 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. 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 Corp. 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 21 A, B & C Building 21 A, B & C
Building 21 A, B & C 100, 120 & 140 Bellamy Loop
Current Lease Expiration Date
May 31, 2020
New 3 yr. Expiration Date
May 31, 2023
If the Co-op City Times Was Not Delivered: Call 347-439-5632 on Saturdays only, 9 a.m. - 1 p.m.