Co-op City Times 12/4/21

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(see page 9 for details)

Vol. 56 No. 49

Saturday, December 4, 2021

$1.25

Board Ok’s Mortgage Insurance Application as Refinancing Exploration Continues BY ROZAAN BOONE

Management Report

The Riverbay Board held a special meeting on Wednesday, Dec. 1, to discuss and then vote on Emergency Resolution 21-53 which advances the pro$621,500,000 – the same as the current loan secured in November 2012 – with a new 35-year, self-amortizing loan. The resolution was approved by a vote among Board directors of 11-1, with three abstentions.

The pandemic-related supply chain disruptions services we purchase is having a serious impact on

of approximately $506,500,000 and fund a capital reserve account of approximately $115M, dependent on when the loan closes and the interest rate locked in at that time. Emergency Resolution 21-53 states that Riverbay Corporation has retained Wells Fargo Bank, N.A., Co-op City’s mortgagee, to prepare, submit, and p r o cess an application for mortgage insurance provided by the Federal Housing

We are now into the 21st month of managing Co-op City during the pandemic. During 2020, we adapted those procedures and schedules that we could control with the aim to protect the staff and residents from getting infected to our maximum ability while continuing work on our vital capital projects, maintaining the facilities and providing services. Our carrying charge collections remained strong, while our expenses actually went down. It enabled us to delay the implementation of the second stage carrying charge increase authorized in the prior budget from September 1, 2020 to January 1, 2021. In April 2021, the Board approved a new two-year budget as required by our state regulatory agency, HCR, that we believed was in balance after implementing increases to the equity price paid by new shareholders, garage

mortgage, pursuant to FHA’s Section 223(a)(7) mortgage insurance program. Resolution 21-53 approves spending $932,250 or .15% of the proposed loan amount for the HUD application fee, which will be reimbursed to Riverbay completed application. On Thursday following the Board voteå, Riverbay Board President Bernard Cylich said: “Last night at a special meeting, the Board took an historic step by approving an application fee of $932,250 to HUD, a necessary step in our pur-

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for $621.5 million. Provided the present low interest rate remains – that’s why (Continued on page 9)

Mobile COVID-19 Vaccine Unit this weekend ONLY at Bartow Omicron Variant: What Is Known So Far BY BRANDON ORTIZ

Omicron is a variant of the COVID-19 virus, which the World Health reported to the WHO. As a virus reproduces inside a host, errors in the genomic replication process lead to genetic mutations in a virus. A virus variant has one or more mutations that distinguish it from one particular common ancestor. COVID-19 has produced many variants as it continues to mutate. However, not all COVID-19 variants are considered by the CDC to be at a level of concern. Disease Control and Prevention (CDC) uses for viruses. cording to the CDC:

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cludes variants which data shows can be successfully combated by proven medical practices. Additionally, VBM also includes variants that may have once been highly transmitted or associated with severe disease, but are no longer spreading or being reported. There are currently 10 COVID-19 variants that fall un(Continued on page 5)

NYC Health & Hospitals Corporation’s Test & Trace Corps’ mobile Covid-19 unit will be accompanied by a mobile vaccine unit at 2049 Bartow Avenue (Bartow Mall) this weekend ONLY, Saturday, Dec. 4, and Sunday, Dec. 5. The units will be in operation from 8 a.m. to 7 p.m. The mobile vaccine unit will administer the one-shot Johnson & Johnson shots. The vaccine unit also has the capability to conduct Covid testing. Since closure of the Covid-19 test site at 105 Dreiser Loop on Nov. 20, Test & Trace Corps has deployed a mobile testing unit daily in Co-op City from 8 a.m.-7 p.m., available on a rotating basis at each of the three community (Continued on page 11)

BY BRANDON ORTIZ

Economic hardship was and still is a reality for many New Yorkers trying to navigate their way through the COVID-19 pandemic. Governor Hochul is hoping to make food security one less thing to worry about for families and especially older or disabled adults. to the Supplemental Nutrition Assistance Program (SNAP), which are aimed at encouraging more individuals to sign up for SNAP. (Continued on page 11)


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