Co-op City Times 06/09/12

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Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2012 Co-op City Times

Vol. 47 No. 23

Saturday, June 9, 2012

Board to discuss final stages of HUD loan negotiations next Tuesday BY BILL STUTTIG The very first meeting of the year for the newly seated Board of Directors could very well be the most important of this coming year, and possibly many years going forward, in determining the future financial stability of the community. On Tuesday, June 12th, the Board will hold a special business meeting where the only item on the agenda will be the possibility of a major refinancing loan guaranteed through the federal Department of Housing and Urban Development (HUD). At that meeting, the Board could very well decide on whether or not to go forward with the financial commitments required for the final stages of negotiations with the federal agency. At this special Board meeting, will be representatives of the HUD approved

lender, Wells Fargo, which for the last three years has been working along with Herb Freedman and Marion Scott Real Estate, Inc. on making the low-interest loan a real possibility for this community. In a memo to the Board of Directors, dated May 30th, Freedman expressed great optimism that a deal with HUD, negotiated principally through Wells Fargo, is within reach, with closing possibly by August or early September. “After three long years of fighting and pressing for the HUD loan,” Freedman wrote to the Board, “it is now clear to me that we are close to phenomenal success. Marion Scott Real Estate, Inc., working with Wells Fargo, began the process to open the 223F program of HUD loans insured by the FHA to cooperatives. New protocols were issued August, 2010 and (Continued on page 4)

Illegal use of Co-op City apartments is grounds for eviction BY ROZAAN BOONE Shareholders who cease maintaining their Co-op City apartments as their primary residence face eviction in accordance with the terms of their occupancy agreement and state regulations. According to the occupancy agreement of the Riverbay Corporation, which is signed by every new incoming shareholder, the shareholder agrees: “Not to sell, assign, transfer, mortgage, encumber or create any charge upon this Agreement, nor sublet the leased premises or any part thereof

or cause the leased premises or any part thereof or suffer the same to be used for any business, commercial or professional purposes or for any purposes other than as a private dwelling apartment of the primary residence of the Member and his immediate family. The Member further agrees that no boarders or permanent guests shall be permitted.” Section “FOURTH,” Subsection 10. Furthermore, the New York State Division of Homes and Community (Continued on page 4)

2012 Voting Incentive Winners (L-R): Tahalia Edwards, Leah Graham, Fran Glassman, Fran Berkowitz and James Hess. Photo by Bill Stuttig

(See more on page 3 )

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Helen Atkins reelected as Board President for third year; newly elected Directors sworn in BY BILL STUTTIG In a hotly-contested and close vote, Helen Atkins was reelected by her fellow Board Directors to serve as Riverbay Board President for a third consecutive year. The Board voted 8 to 6 with one abstention to reelect Atkins over the other nominee, Director Andrea Leslie. The vote took place during an open Board meeting held Wednesday evening at the Bartow Community Center. The Board President is charged with the responsibility of setting the Board’s agenda for the next 12 months and presides over each Board meeting. After the meeting, Atkins said, “I want to offer my most heartfelt thanks to my fellow Board Directors and the community in general for their support over the past two years. I know that the next year will be filled with numerous key decisions that will likely affect the long-term future of this community. The first will be next Tuesday’s all-

Helen Atkins

important meeting at which we will exclusively discuss and possibly decide whether to go forward with the process of obtaining a loan guarantee from HUD through Wells Fargo. That decision could have a major affect on the financial stability of the community for many years to come. “I welcome our newest Director (Continued on page 2)

Dreiser Senior Center awaits City Council decision on funding BY JIM ROBERTS The clock is ticking toward an end-ofJune deadline that will determine whether or not the Dreiser Senior Center will continue for another year or close its doors. Funding for the Dreiser senior center, one of three operated in Co-op City by the non-profit Jewish Association for Services for the Aged (JASA), awaits a decision by the New York City Council, which will finalize its annual budget in the next several weeks. The Bartow and Einstein senior centers will be funded by Mayor Bloomberg’s budget for the next fiscal year, which starts July 1. Funding for those two centers will come from the city Department for the Aging (DFTA). However, the Mayor’s budget this year is $26 million less than anticipated for senior citizen services and won’t fund all the senior centers in New York City. Now it’s up to the City Council to decide whether or not to provide the missing funds. That decision will come soon, according to the Council. “The Council funded a number of items in DFTA’s budget last year. Council funding is always only for one year,” said Zoe Tobin, a Council spokeswoman, in an email to the Co-op City Times.

“There is no guarantee that any of the funding will be renewed until we adopt the budget. That will be decided in the next few weeks,” Tobin said. Officials from JASA have actively sought support from DFTA and the Council for funding to keep the Dreiser Senior Center open and are awaiting the decision. However, a spokesman for DFTA said the agency doesn’t anticipate funding the Dreiser Center this year. “We do not anticipate any baseline funded senior centers to close in the FY’13 budget because DFTA does not have any required budget reductions. The Dreiser Senior Center is funded solely through Council discretionary. Until the budget is finalized, it is premature to predict the outcome,” said Christopher Miller of DFTA. Funding for Dreiser has come from the Council and not DFTA for the past two years, according to Leah Ferster, Chief Services Officer with JASA. Council Member Larry Seabrook has funded the Dreiser Center through his Council appropriations in those two years, Ferster said. A representative from Council (Continued on page 4)


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