New York State HERO act mandates a plan for future pandemics

Under the terms of the recently amended HERO Act, co-ops, condominiums, HOAs and managing agents in New York State must, no later than August 5, 2021, have a plan in place to protect their employees in the event of another pandemic, or the emergence of another dangerous infectious agent.

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Co-ops Now Exempt from Portions of Tenant Protection Act

Co-op shareholders, board members, and their support professionals are breathing a collective sigh of relief this week as the New York State legislature passed a bill exempting co-ops from certain provisions of the Housing Stability and Tenant Protection Act of 2019 (HSTPA).

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Senior Shareholders Get Another Shot at Reverse Mortgage Access

In a development sure to be of interest to New York’s co-op housing community, State Assemblymember Jeffrey Dinowitz (D) of New York’s 81st district announced the passage of a bill during the recently-ended legislative session that would allow cooperative tenant-shareholders 65 years of age and older to apply for reverse mortgages – a type of home equity loan that’s long been available to other types of homeowners, but that until now was not an option for co-ops.

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