Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times
Vol. 46 No. 9
Saturday, February 26, 2011
Demand remains strong for Co-op City apartments despite slight vacancy rate increase BY JIM ROBERTS Demand remains strong for Co-op City apartments despite tighter lending standards by banks that can make it tougher for some applicants to get loans and either delay or derail their purchase here. The community’s vacancy rate of just 1.7% remains at historically low levels, with only 256 units available out of the 15,372 apartments in Co-op City. Most importantly, 161 of the empty apartments have been assigned to applicants on the waiting list and will be occupied in the near future if those potential new residents complete the purchase process. Only 95 apartments, or just over one-half of one percent of all the apartments in Coop City, currently have no buyers lined up. The community’s vacancy rate has increased slightly in recent months, with about 80 more units, or one-half of one percent of all apartments, empty now compared to the average number in recent times. Part of the reason for this very slight increase can be explained by the tighter lending standards being used by banks when they decide whether or not to give loans to homebuyers. According to a recent story in the Wall Street Journal, “Lenders clamped down on the lax standards that fueled the housing bubble three years ago by requiring
larger down payments, higher credit scores and greater documentation of borrowers’ incomes and assets.” Also, according to the article, banks are raising the credit scores borrowers need before they can get a loan. “While the FHA has a minimum credit score for lowdown-payment loans of 580, many banks won’t sponsor loans with credit scores below 640. Average credit scores for borrowers with FHA-backed loans surpassed 700 in October for the first time,” the article said. The slight increase in the vacancy rate here in Co-op City is because some applicants are getting caught up in this lending squeeze, according to Vernon Cooper, General Manager of Riverbay Corporation. “Although we have a number of names on the waiting list, we’re finding that when we start processing those names because we have apartments available, an overwhelming majority of them need or prefer to have a loan to purchase their apartment,” Cooper said. Applicants are accepted onto the waiting list based on their family composition, income and credit score. “Banks in general have a more stringent policy for approving applications, and are taking three and four months to go (Continued on page 2)
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Budget Committee continues process to approve upcoming budget BY JIM ROBERTS The Riverbay Board’s Budget Committee convened this week to consider a current draft proposal for the next two annual budgets covering the next two fiscal years, from April 1st of this year until March 31, 2013. The Budget Committee, chaired by Director Eleanor Bailey, met Thursday evening to deliberate over the proposed budget prepared by management after a series of meetings with department heads at Riverbay over respective individual budgets. Director Bill Gordon co-chairs the Board’s 2011-2012 Budget Committee. Other committee members are former Board Director Michelle Davy, Doug Handler, Harriet Jeffries and Anna Lucas. “Between management and the Board, we have worked very hard to maintain a quality of life here in spite of the recession
and the economic situation that is happening in the city and in the country,” said Budget Committee Chairperson Bailey following the meeting. “It’s been a very difficult job, but I feel as though we have worked very hard to maintain what we have here in Co-op City. Money is tight and we’re working very diligently on getting additional funds to avoid (carrying charge) increases, but we may have to have them. “We just ask that residents understand that there is nothing you can get at the same price yesterday,” Bailey said. It appears a carrying charge increase will probably be required in July, but preliminary budget figures place that increase in the low single digit percentage range. Also at Thursday’s meeting were Director Gordon, Board President Helen (Continued on page 2)
Board 10 Parks Committee tables vote on Hutchinson River bike path BY BILL STUTTIG The Community Board 10 Parks Committee tabled a vote on the Hutchinson River Greenway at a committee meeting this week, according Community Board 10 District Manager Ken Kearns. The Parks Committee meeting
Tuesday evening, featured, among other items, further discussion on the proposed construction of the Hutchinson River Greenway designed to provide a bike and pedestrian path running adjacent to the Hutchinson River Parkway (Continued on page 4)
Riverbay employees saluted for perfect attendance
Ninety employees of Riverbay Corp. were recognized for their perfect attendance record during 2010 at a luncheon on Friday, February 18 at the Bartow Center. In addition to the recipients, Riverbay Board President Helen Atkins attended the luncheon and thanked all the employees for their dedication and hard work for the residents of Co-op City. Also attending the luncheon were: Riverbay General Manager Vernon Cooper; Riverbay Human Resources Director, Colette D. Ragin; Local 153 Business Agent, John Edmonds, and Local 282 Business Agent, Joe Scavetta, who all addressed the group and thanked them for their work throughout the year. The 2010 Riverbay Corporation perfect attendance award winners are: Alberta Abrams, Frank Apollo, Mary Ahland, Claudia Budnitskiy, David Best, Eunice Braithwaite, Francine Berkowitz, Ismael Bermudez, Katherine Bell, Steven Brown, Pedro J. Bisono, Richard Bell, Elmo Cannegieter, Hugo Castillo, Jose A. Cruz, Josue Coronel, Marlece Chiaramida, Nancy Ann Cosgrove, Raymond Cooper, Ronald Caesar, Sherron Clarke, Heriberto Diaz, Kenneth Duchnowski, Raymond Duran, Joyce A. Epps, Noel Ellison, Jessica Felice, Blanca Guzman-Mendez, Jacqueline Garcia-Quinones, Lenya Garcia, Ranee Gaynor-Parker, Shanae Griffin, William Garcia, Arnold Hughes, Nurissa JamesCox, Theodore Jefferson, Alexandar Knezevic, James Keappock, Kevin Keenan, Leka Kocovic, Lynn S. Krantz, Raymond F. Kenny, Tamira King, Toma Kastrati, Vasilj Kocovic, Louis Loscalzo, Luis Lopez, Alisa McCluney, Anginet Martinez, Barbara Middleton, Michael J. Munns, Peter Merola, Peter Miranda, Trenise Myrie, Juanita Net, Obed Ortiz, Donovan Plummer, Alan B. Poretsky, Carmelo Perez, Hubert Phillip, Jose Perez, Joseph Persuad, Linda Pujols, Rosalind Pierce, Anthony Rasulo, Carolyn Roselli, Colette Ragin, Daniel Rivera, David Rodriguez, Hector Rosario, Julio Ramirez, Pedro Rosario, Carol Sinkler, John Sue, Louis Salegna, Michelle Sajous, Mohamed Suleman, Richard Schmidt, Sita Suleman, Andrea Tuberman, Frankie Torres, Lorna Thomas, Alexander Vargas, Aracelis Vega, Carl Wright, Kirk Williams, Linda Williams, Filip Zadrima, Liviu Zalman and Paul Zadrima. Photo by Jim Roberts