Co-op City Times 04/02/11

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times

Vol. 46 No. 14

Saturday, April 2, 2011

After a long, harsh winter, spring projects begin BY BILL STUTTIG After one of the coldest and snowiest winters in recent memory, the hard work of preparing the community for the warm weather ahead has already begun even though the grip of winter’s cold has not quite left us yet. Riverbay General Manager Vernon Cooper explained this week that a variety of Riverbay operational departments are working together to not only freshen and clean-up, but also make a series of visual

and physical improvements throughout the complex. In addition, Riverbay is busy contacting government agencies responsible for the conditions of areas adjacent to Co-op City to ensure that they live up to their responsibilities for these areas at the outset of the spring and throughout the warm weather months. Cooper said that for many weeks, (Continued on page 4)

A Buildings and Grounds staffer uses a tractor to aerate the soil near Building 17 in preparation for the planting of new grass seeds. Photo by Bill Stuttig

State supervising agency offers explanation of rent increase process to residents of Co-op City BY ROZAAN BOONE This week, the state supervising agency for Mitchell-Lama developments such as Co-op City, the New York State Division of Housing and Community Renewal (DHCR), Office of Housing Operations, issued an overview of the rent increase process so residents can better understand the process through which their monthly maintenance charges may increase. According to the overview, NYS Private Housing Finance Law (PHFL) provides for Mitchell-Lama rents to be increased periodically, upon application by the housing company, to ensure the financial viability of each housing company, and in accordance with the PHFL, the DHCR Commissioner is required to set rents at the minimum amount sufficient to meet all of the housing company’s financial obligations. “DHCR’s rent increase process requires the submission every two years (biennially) of a housing company’s operating budget to DHCR to determine whether or not rent revenues are sufficient to meet the housing company’s expenses,” the explanation states. “If the budget projections point to a shortfall, the housing company can petition DHCR for a rent increase to make up the deficit.” The line item, biennial budgets submitted

to DHCR by the housing company must conform to a format prescribed by the state agency and takes into account several items: * The revenues of the company; * Its projected operating expenses (management, payroll, repairs, maintenance, taxes, insurance, etc.); * Repayment of mortgage and other debt; * Capital expenditures and reserve provisions; and * The payment of a limited return on equity to the owners (where applicable). The most current results of operation are shown, along with the projections for the two following years on a line item basis. If the budget shows that the current existing rents, together with all other income of the development, are not sufficient to meet all the financial obligations of the company, the housing company should then submit an application to DHCR for a rent increase. The rent increase application must include a description of the development and the reason why the owner thinks the increase is needed. The rent increase application must also include the amount of the rent increase being requested by the housing company on a “per-room-per month basis.” The housing (Continued on page 14)

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Petition period ends for potential candidates in 2011 Riverbay Board election; Candidates’ meeting to be held April 12 BY ROZAAN BOONE Thirteen of the fourteen potential candidates who picked up petitions to run in the 2011 Riverbay Board election, which will be held on Wednesday, May 18th, returned their petition packages by the 5 p.m. deadline on Monday, March 28. The qualifying petitions became available on Monday, March 14 and among the resident shareholders who picked up are three of the five incumbent Directors whose terms expire this year—Emmanuel “Manny” Torres, Eleanor G. Bailey and Rev. Dr. Calvin E. Owens. The other potential candidates in this year’s Board election are Frank Belcher, Yolanda Canales Schumann, John Rose, Kenneth Mercer, Sr., Leah Graham, Carmen Howell, Michelle S. Davy, Krystal Serrano, Daryl Johnson and Tony Illis. With the petition period over this week, non-resident Riverbay staff conducted electronic signature verification on each of the signed petitions. This process was overseen by Michael Munns, Riverbay’s senior attorney;

Director Bill Gordon, Chair of the 2011 Election Committee, and Mary Ahland, Riverbay’s Director of Computer Services. During the week, based on the results of the signature check, and the criminal background check, the 2011 Election Committee also verified that none of the candidates are indebted to the Riverbay Corporation and are up to date in the payment of their maintenance charges before compiling the final list of candidates. The official field of candidates will be announced at the Candidate’s Meeting to be held in two weeks on Tuesday, April 12th in Room 31 of the Bartow Community Center at 8 p.m. The listing of official candidates in the 2011 Riverbay Board of Directors election will then be published in the Saturday, April 16th issue of the Co-op City Times. Once the candidates are certified on Tuesday, April 12, at 8 p.m., the election period will officially begin and the candidates and their supporters may (Continued on page 2)

Spring sales push begins as model apartments open next weekend BY BILL STUTTIG With Co-op City’s vacancy rate rising slightly over these last few winter months, but still well below industry standards, the Sales Department under new director Sheena McNeill will kick-off its spring marketing campaign next weekend with the opening of new model apartments in Section 5’s Building 34.

“We’re excited and we can’t wait to get started,” said McNeill this week as she and her staff put the finishing touches on new furnishings for the model apartments. McNeill said this week that one threebedroom and one two-bedroom apartment have been chosen for the models because (Continued on page 5)

A furnished living room for the three bedroom model apartment to be open to the public next weekend. Photo by Bill Stuttig


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