Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2017 Co-op City Times
Vol. 52 No. 27
Saturday, July 8, 2017
DHCR Approves Carrying Charge Increases For Next Two Years BY JIM ROBERTS
The state Department of Homes and Community Renewal (DHCR) has approved a 1.9% carrying charge increase beginning on Aug. 1 of this year to be followed by another 1.9% increase on Aug. 1, 2018. In addition, all parking fees are being increased by 5% this Aug. 1. In a letter dated July 6, Mark Colon, president of DHCR Office of Housing Preservation, informed Riverbay that its requested carrying charge increases for the next two fiscal years was justified. “I find and determine … that the present carrying charges are insufficient … and cannot be corrected by reasonable economies in the management and operation of the development,” the letter states. A copy of the Commissioner’s Carrying Charge Increase Order will be enclosed with shareholders’ August carrying charge bill. Riverbay’s Finance Department received approval from DHCR to include the Increase Order in the bills instead of sending a separate mailing, saving (Continued on page 2)
Farmer’s Market Returns To Co-op City
25¢
ORDER OF THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL HCLP-81 RIVERBAY CORPORATION, hereinafter referred to as the "applicant," a limited-profit housing company duly organized and existing under the provisions of Article II of the Private Housing Finance Law, subject to the supervision of the Commissioner of the New York State Division of Housing and Community Renewal, owns and operates a limited-profit housing development known as Co-op City in the City of New York, County of the Bronx, State of New York. The said applicant filed an application dated March 17, 2017 in the office of the Commissioner requesting that the present carrying charges be increased, because the present carrying charges, together with all the other income of the said applicant, are insufficient to enable it to meet the payments required to be made by the provisions of the Private Housing Finance Law. Notice and application, together with Division of Housing and Community Renewal financial projections, were given to the cooperators with a notification that written statements in opposition to the proposed carrying charge increase could be sent to the Commissioner not later than June 27, 2017. The purpose of such statements is to afford an opportunity for the cooperators or their representatives to refute, correct, supplement, or otherwise modify the allegations and figures contained in the statement, exhibits, and schedules attached thereto. A meeting was scheduled for June 19, 2017 at Riverbay's Auditorium "A," 177 Dreiser Loop, Bronx, New York at which the cooperators, their representatives, and representatives of the housing company had the opportunity to meet with DHCR staff. All comments and submissions were reviewed by DHCR staff prior to this determination. NOW, on considering the entire record, from which it appears that owing to causes beyond the control of the applicant, there (Continued on page 2)
SCRIE & DRIE May Help Defray Increased Carrying Charges For Some Co-op City Shareholders BY ROZAAN BOONE
See page 3 for story.
Photo by Brandon Ortiz
Cary Smith III Brings Two Decades Of Property Management Experience To Co-op City BY BILL STUTTIG
and put it to use here in a community Riverbay’s New Assistant Executive that is unique in terms of its sheer size General Manager Cary and also in the diverse Smith III, has managed components and amena wide variety of resiities that help define dential developments the community, such as in his nearly two decan independent power ades of experience in plant and its own priproperty management vate police force.” but, he said, Co-op City Mr. Smith worked brings with it an enfor Douglas Elliman hanced level of exciteProperty Management ment and challenge. years prior to this “Co-op City is a assignment, managing o n ce-in-a-lifetime portfolios and several opportunity,” Mr. Smith developments in Manhattan and Brooklyn. told the Co-op City Cary Smith III Earlier this year he was Times earlier this week, chance to utilize “in terms of having the (Continued on page 22) all that I’ve learned over many years
Eligible Co-op City shareholders who are registered with the city’s Senior Citizen Rent Increase Exemption (SCRIE) and the Disability Rent Increase Exemption (DRIE) programs may be able to avoid paying the monthly carrying charge increase which becomes effective on Tuesday, August 1, 2017. Those shareholders who are eligible but have not yet registered for either of these programs are advised to do so as soon as possible now that Riverbay Corporation has received the carrying charge increase order from New York State Homes and Community Renewal (HCR), the (Continued on page 13)
Co-op City Fireworks! This year’s spectacular Co-op City Fireworks Show was better than ever as the community gathered on the Section 2 Greenway to celebrate America’s 241st birthday with a dazzling pyrotechnical display. The skies above the Hutchinson River were aglow with the red, white, blue and rainbow of explosive colors for all ages to enjoy. The event was sponsored by the Riverbay Fund. See page 16 for more photos. Photo by Elijah Bernard