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Co-op City Times / January 10, 2009
Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2009 Co-op City Times
Vol. 45 No. 2
Saturday, January 10, 2009
Energy tax credit not applicable to 2008 tax returns, but will resume for 2009 BY BILL STUTTIG Thousands of shareholders who took advantage of the federal energy tax credit on their 2007 tax returns will not be able to do so on their 2008 returns because the federal government program has expired. However, shareholders will be able to again claim the credit on their 2009 returns next year because the tax credit was included as part of the “Emergency Economic Stabilization Act of 2008,” Riverbay’s Department of Finance said this week. Riverbay’s Director of Finance, Peter Merola, said this week that the corporation’s tax auditors informed them that shareholders will once again be eligible for the credit next year based on Riverbay’s energy efficient home improvements installed in the cooperative, specifically the new windows and doors which will continue to be installed throughout the development over the next year. “Each shareholder is entitled to their proportionate share of the credit based on
their apartment size and the number of shares owed,” Merola explained. “The credit is based on new windows and terrace doors that will be installed throughout Co-op City during 2009.” Merola added, “Because Riverbay Corporation is a housing cooperative, all shareholders share the tax benefit proportionately. This means that even though you may not have had new windows or a terrace door installed in 2009, as a shareholder in Riverbay Corporation, you are eligible for a proportionate share of the energy tax credit.” The amount of the credit varies by the size of the apartment. For the 2007 return, the smallest apartment (3 rooms) was entitled to a federal tax credit of $52.97 and the largest apartment (7 rooms) was entitled to a credit of $123.61. The amount of credit that can be taken next year will be determined by the total value of the window and door replacement (Continued on page 2)
Public hearings on MTA fare increases begin next week BY BILL STUTTIG Straphangers here and elsewhere who are upset because they will likely be paying between 25% to 33% more to get to and from work each day will have the chance to voice their displeasure when the MTA begins a series of public hearing this week on their proposed fare increases and service cuts. On December 16th, the MTA Board approved a plan to close what it claims to be a $1.2 billion budget gap. By passing what some call a drastic plan, the MTA is seemingly intent on passing the responsibility for closing the supposed gap squarely on to the shoulders of riders also struggling with an economy in recession. For thousands of Co-op City residents dependent on public transportation to get to and from work, this will likely mean express bus fares rising from $5 to $6.25 and from $2 to as much as $3 on standard bus and subway service. Anne Craig, a Section 5 resident who depends of the express bus to get to and from her Manhattan job each day, said last month, “We are not getting raises at work because of the economy, our carrying charges here will be going up soon and now it may cost me more to get to work. I
am being hit from all sides and I don’t know what to do.” Arthur Taub, a leading transportation advocate for the community for the last three decades said that thousands here are in the same situation as Craig and their only hope of reducing some of the financial burden being placed on them by the MTA is to voice their displeasure at one of several hearings scheduled for the tri-state area over the next three weeks. “I encourage everyone to take the opportunity to go on record and speak out against this increase and also the cuts in service planned for the system,” Taub said. The MTA’s plan does not only include significant fare increases for both regular and express service, Taub reminded residents here, but the likelihood of less frequent service on the express bus line, the elimination of all student reduced fares on all express bus runs and the reduction of the off-peak eligibility period for seniors and disabled riding the express bus. The off peak discount period presently begins at 9 a.m. in the northeast Bronx, but under the proposed plan, it will be pushed back to 10 a.m. (Continued on page 2)
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Shareholders sound off against carrying charge increases BY BILL STUTTIG More than 100 shareholders attended a public hearing Friday morning in Dreiser Community Center to voice their objection to the carrying charge increase projected to go into effect on February 1. Based on a two-year budget recently approved by the Riverbay Board of
Directors, Riverbay projected the need for a 6% increase effective on February 1 of this year and a 4.5% increase effective February 1, 2010. The state Division of Housing and Community Renewal (DHCR) reviewed the Riverbay budget and amended the (Continued on page 4)
Denise A. C. Snyder, Housing and Community Renewal Manager for DHCR, oversaw Friday’s hearing for the state and said that all shareholders’ feedback will be taken into account as DHCR decides on the projected carrying charge increases for Co-op City. Photo by Bill Stuttig
Se e pag e 2 for in form at ion o n R i v e r b a y ’s n e w c a l l c e n te r.
Negotiations with Cablevision still ongoing; MATV subscribers will not be blacked out in February BY ROZAAN BOONE With the turn of the new year and the fast approaching February 17th deadline for the national switch over to digital television service, Riverbay continues to reassure anxious shareholders who receive their television reception from the master antenna that they will not experience service interruptions. “The negotiations are looking good and we expect to have some type of agreement within the next two week,” said Joe Boiko, Riverbay’s Ombudsman. “Essentially, Riverbay has told Cablevision that come February 17, we expect the MATV to continue working or else be turned over to Riverbay, in which case, Riverbay will do the necessary upgrade to the master antenna to ensure continued service to shareholders
without the need for converter boxes.” Boiko said that as the MATV system is designed now, converter boxes will not work on it . “This is the reason why we have been advising cooperators on the master antenna not to purchase the converter boxes all along,” said Boiko. “We understand the concerns and needs of all cooperators that having television service is a way of life, a way of communication and we will not allow the system to go down where they will not have service.” Boiko said that as long as Cablevision has ownership of the master antenna, Riverbay cannot make any modifications to the system until the negotiations are (Continued on page 11)