What does the Climate Mobilization Act really mean for co-ops?

Many board members have recognized the transformative impact that the Climate Mobilization Act (CMA) will have on how their buildings will operate, and they’re either energized or horrified by the prospect. Many board members and property managers still have only a vague sense of what the CMA means for their buildings.

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Building Letter Grades vs LL97 fines

There isn’t a good correlation between the letter grade and the fines buildings may be facing under the provisions of LL97. Buildings with good letter grades can still get hit with penalties. You have to look at the measures you can take to avoid penalties.

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Questions about Reverse Mortgage Loans in Co-ops answered!

After an extensive lobbying effort by residential coops and their trade associations, cooperative apartment owners are now able to get reverse “mortgage” loans in New York. This [article] provides information to borrowers who may consider whether to obtain a reverse mortgage loan and answers questions that coop Board members may have as they consider whether to allow such loans.

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Proxy Voting

Co-op shareholders are permitted to vote in board elections and other matters of corporate governance by proxy or absentee ballot. Proxies are a valuable part of the voting process, but boards need to be aware of the legal implications that can arise when proxies aren’t handled properly, as well as the potential for abuse that can result in a subversion of the electoral process. A better understanding of these issues as well as how and why proxies are used and the technical rules governing their issuance and solicitation will greatly benefit your building’s election process. Years ago, Cooperator News published an informative article that provides an excellent explanation about the use of proxies in co-ops — the information is still valuable today.

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