Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2011 Co-op City Times
Vol. 46 No. 39
Saturday, September 24, 2011
DHCR orders two 3.0% increase in carrying charges for Co-op City; I n c r ea ses eff ec t i v e O c t. 1 , 2 0 1 1 & Oct. 1, 2012 BY ROZAAN BOONE After hearing from shareholders of the Riverbay Corporation, the New York State Division of Homes and Community Renewal (DHCR) has ordered two 3% increases in carrying charges for the residents of Co-op City, the first of which will be implemented on October 1, 2011. The second increase in carrying charges will go into effect on October 1, 2012. After a majority of the Riverbay Board of Directors approved budgets for the next two years at their June 22 meeting which each included a 1% increase in carrying charges, Riverbay Corporation applied to DHCR—the state supervisory agency for Mitchell-Lama developments like Co-op City—for a carrying charge increase. Following set procedures, once DHCR received Riverbay’s application, DHCR staff reviewed the application and financial projections and formulated the agency’s
own preliminary two-year projections. However, before final decision is made on the proposed rent increase, shareholders were first served with notice of the increase, along with the housing company’s application and projections, and DHCR’s preliminary projections. Residents were then given an opportunity to review the application and projections (both the housing company’s and DHCR’s) and to submit written comments to DHCR. At the conclusion of the 30-day comment period, a rent increase conference was scheduled for September 8th at 7 p.m. in the Dreiser Auditorium A where the residents and/or their representatives were able to discuss the proposed rent increase directly with representatives of the housing company and DHCR, before the HCR Commissioner made the final determination as to how (Continued on page 2)
Kevin Keenan named Riverbay’s new Director of Operations BY BILL STUTTIG Kevin Keenan, who has served as Riverbay’s Director of Safety for the past seven years, had his position and title expanded this past week to encompass a larger role in coordinating the activities of all Riverbay operational departments and streamlining the process of delivering services and repairs to homes and common areas throughout Co-op City. Keenan was promoted to the new title of Director of Operations, it was announced on Monday through a memo from General Management to the Board of Directors and all Riverbay departments. Keenan told the Co-op City Times, after his promotion was announced on Monday that he will be responsible for coordinating the activities of Riverbay’s three major operational departments—Restorations, Maintenance and Buildings and Grounds. “Part of my job is to streamline the communications between the three major departments and eliminate the roadblocks to have them working as one in fulfilling
Kevin Keenan
duties and responsibilities to the shareholders and the community as a whole,” Keenan explained. He said that this will include organizing a system where the three departments will share many resources, everything from inventory to staff. The directors of three departments will be reporting to Keenan who said that he has already held the first of what will be a weekly series of meetings between the department heads. Aside from meeting with the department
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Order Of The Commissioner Of Housing And Community Renewal HCLP-81 RIVERBAY CORPORATION, hereinafter referred to as the “applicant,” a limited-profit housing company duly organized and existing under the provisions of Article II of the Private Housing Finance Law, subject to the supervision of the Commissioner of the New York State Division of Housing and Community Renewal, owns and operates a limitedprofit housing development known as Coop City in the City of New York, County of Bronx, State of New York. The said applicant filed an application dated June 24, 2011, in the office of the Commissioner of Housing and Community Renewal requesting that the present carrying charges be increased, because the present carrying charges, together with all the other income of the said applicant, are insufficient to enable it to meet the payments required to be made by the provisions of the Private Housing Finance Law. Notice and application, together with the Division of Housing and Community Renewal financial projections, were given to the cooperators with a notification that written statements in opposition to the proposed carrying charge increase could be sent to the Commissioner not later than September 6, 2011. The purpose of such statements is to afford an opportunity for the cooperators or their representatives to refute, correct, supplement, or otherwise modify the allegations and figures contained in the statement, exhibits, and schedules attached thereto. A meeting was scheduled for September 8, 2011, at the Riverbay Corporation, Auditorium “A”, 177 Dreiser Loop, Bronx, New York 10475, at which the cooperators, their representatives, and representatives of the housing company had the opportunity to meet with DHCR Staff. All comments and submissions were reviewed by DHCR staff prior to this determination. NOW, on considering the entire record, from which it appears that owing to causes beyond the control of the applicant, there have been and will be substantial increases in the cost of operating the development, including, but not limited to, the increased cost of maintenance and operating expenses; and that the present maximum average carrying charges are
insufficient to meet such increases in costs and to make other necessary and authorized expenditures. I FIND AND DETERMINE that, owing to causes beyond the control of the applicant, the present carrying charges are insufficient to enable it to meet, within reasonable limits, all necessary payments required to be made by the provisions of the Private Housing Finance Law and that such insufficiency cannot be corrected by reasonable economies in the management and operation of said development. I FURTHER FIND AND DETERMINE that the minimum increase in the maximum average monthly room carrying charges necessary to enable the said applicant to make the payments required to be made is three point zero percent (3.0%) per rental room per month, including utilities, effective October 1, 2011 and three point zero (3.0%) per rental room per month effective October 1, 2012. The increase authorized herein is not in excess of the minimum amount necessary to enable the housing company to make the payments required to be made by the provisions of the Private Housing Finance Law. I, THEREFORE, ORDER AND DIRECT the said applicant to increase the maximum average monthly room carrying charges in two stages, to an average of three point zero percent (3.0%) per rental room per month, including utilities, effective October 1, 2011, and by an average of three point zero percent (3.0%) per rent room per month, including utilities, effective October 1, 2012. A copy of this order shall be transmitted to each cooperator to be affected at least five (5) days prior to October 1, 2011. Service shall be made in the manner prescribed by the Real Property Actions and Proceedings Law for the service of a notice of petition in summary proceedings, or by first class mail.
Assist a n t C omm issioner Hou sing a nd C om mu nit y R en ewa l
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We wish our readers observing the High Holy Days of Rosh Hashanah and Yom Kippur, health, happiness and peace in the New Year.
Change-over to heat begins on Friday, September 30 In preparation for the upcoming winter months, the Power Plant will begin the seasonal shutdown of air conditioning on Friday, September 30, after the celebration of Rosh Hashanah. It is expected that the heating system will be in operation on Friday, October 14. During the two-weeks of the shut-down, the chillers that are operated in the summer months will be shut down and maintenance and repair of the heating system will be conducted.