New Support for Reverse Mortgages for Co-ops

Congressman Bowman recently joined with local legislators in requesting that HUD promulgate regulations to allow senior co-op shareholders to participate in the Home Equity Conversion Mortgage program. The Association of Riverdale Cooperatives & Condominiums along with Members of Congress and the Legislature has been advocating for this change for years, but we are hopeful that with a new administration, HUD, the New York State Legislature and the Governor will be willing to revisit this issue. The letter from the legislators can be read in its entirety here.

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Building Workers Now Eligible to Receive COVID Vaccination

On March 9, New York Governor Andrew Cuomo announced that beginning March 17, essential building service workers, including the workers who service New York’s co-ops, condos have definitive eligibility to receive the COVID vaccination, regardless of age and health status.

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City Council District 11 Candidates Talk Co-ops/Condos

With an important special election for our local City Council representative fast-approaching, the Association of Riverdale Cooperatives & Condominiums (ARC) believes it is important to
know how each of the candidates seeking to represent Council District 11 regards several of the important issues confronting co-op boards, co-op shareholders and condo owners.

In its effort to provide its membership and residents of our community with the insight necessary to be informed voters, ARC asked all of the candidates the same questions about co-ops and condos, and the unedited written responses from Eric Dinowitz, Jessica Haller, Daniel Padernacht and Kevin Pazmino are published here, exactly as received. Note that Carleton Berkley and Mino Lora did not respond to numerous requests for their answers.

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Consolidated Appropriations Act extends COVID-19 benefits

The Consolidated Appropriations Act, 2021 (the “CAA”) extended employer tax credits for COVID-19 paid sick leave and expanded family and medical leave through March 31, 2021. Employers must continue to obtain and keep required records to substantiate any tax credits taken for such leave payments. But, the CAA did not extend employees’ entitlement to leave under the FFCRA past the original expiration date of December 31, 2020.

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