Written Comments on Proposed 2.1% Carrying Charge Increase Due January 29th

HCR Schedules Virtual Conference to Hear from Shareholders

BY ROZAAN BOONE

The deadline to submit written comments to the NYS Division of Housing and Community Renewal (DHCR) on the upcoming proposed 2.1% carrying charge increase is Monday, January 29, 2024.

The carrying charge increase becomes effective on April 1, 2024, pending HCR’s approval.

DHCR, the NYS supervisory agency for Mitchell-Lama developments such as Co-op City, is accepting written comments from Co-op City shareholders. Written comments must be postmarked or emailed on or before Monday, January 29, 2024 and addressed to:

George Simon (george.simon@hcr.ny.gov)

New York State Division of Housing and Community Renewal reau, OHP

641 Lexington Avenue, 4th Floor New York, NY 10022 charge conference to hear directly from shareholders. The conference will be held on the evening of Tuesday, January 30, at 7 p.m. on Webex and shareholders can join the meeting using their laptops or mobile devices. (See log-in details at the end of this article.)

DHCR has been reviewing Riverbay’s application for a 2.1% carrying charge increase due to a shortfall in operations expenses caused by rising insurance costs, asbestos abatement expenses, increased funding of replacement reserves and general price increases for supplies, materials and services.

The Riverbay Board of Directors approved Res-cal 2023/2024 and 2024/2025 based on maintaining the current level of services to shareholders, at its March 29, 2023 meeting. The approved budget includes funding for the Five-Year Capital Plan to provide essential infrastructure repairs to Co-op

Bronx Metro-North Virtual Session Sheds Some Details on Co-op City Station

BY BRANDON ORTIZ

Shareholders tuned in to the Wednesday, Jan. 10th Bronx Metro-North virtual session learned some details regarding the future Co-op City station currently in development.

Representatives from the Department of City Planning, MTA, NY City Council and Bronx Borough President Vanessa Gibson hosted the virtual session on the Bronx Metro-North Penn Station Access Plan via Zoom and live streamed on Youtube

Wednesday’s event primarily focused on the Morris Park/Van Nest and Parkchester stations, but several details shared pertained to all four stops, including Co-op City.

Chair of the City Planning Commission Daniel Garodnick kicked off the opening remarks for the session and highlighted how the Bronx Metro-North Penn Station Access Plan represents a “once in a lifetime opportunity” for New York City and especially Bronx residents.

“We need to take advantage of this moment and create a brighter future in the east Bronx. To that end, the Bronx Metro-North plan delivers new housing and economic development that connects local residents with thousands of new jobs, improved open space, community services, enhanced transit access and much much more,” Garodnick said during his remarks.

Bronx Borough President Gibson followed Garodnick discussing her excitement about the project and emphasizing the importance of participating in events such as Wednesday night’s

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Riverbay Holiday closing and CCTimes deadline notice

Martin Luther King Jr. Day. Because of the holiday-shortened work week, all material, including directors’ viewpoints, submitted for publication in the upcoming Saturday, January 20th issue of the Co-op City Times, must be submitted before 9 a.m. on Tuesday, January 16. Material received after 9 a.m. on Tuesday, Jan. 16, will be accommodated as space allows in the Saturday, Jan. 20th issue of the Co-op City Times Submissions should be emailed to cctimes@riverbaycorp.com. We wish our readers a memorable and safe Dr. Martin Luther King Jr. Day.

City and a 30% increase in transient and parking passes for Co-op City’s eight garages which was approved and implemented on April 1, 2023. To maintain a balanced budget through March 31, 2025, Resolution 23-19 proposed a 2.1% carrying charge increase effective April 1, 2024, pending

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Maximizing Resources to Ensure Affordability of Our Homes

Sonia Feliciano

Dear fellow shareholders, Happy New Year!

On April 1st, 2024, a 2.1% carrying charge increase will take effect. This increase which we shortfall of $4.3 million that covers rising rates on insurance, replacement reserve (money set aside for future projects), and the replacement of supplies and services. Of the $124 million in reserves, we have $88M left to cover capital projects. Local Law 11 was our biggest which we just completed. Unfortunately, the $124M was not going to cover everything we needed. We have a 20-year program with the next 10 years looking at what has to be prioritized to secure our infrastructure and maintain our quality of life.

When budgets have constraints as we had in 2023 and unforeseen challenges happen, we

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Dog Ownership –Being A Good Neighbor

Although Co-op City has a “no-pets” policy, under local, state and federal laws, the Riverbay Corporation must allow some residents to have pets under certain circumstances, including dogs.

For more information on Riverbay’s Reasonable Accommodations Service Animal Policy and Application, please visit the Resources page on the Co-op City website, coopcity.com, scroll down to “Legal” and click on “Reasonable Accommodations Service Animal Application.”

The relationship between dogs and humans has been a special one throughout history. When given the proper care, encouragement and leadership and training, dogs can be noble creatures capable of doing so much good, from providing love and

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HCR –––––

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HCR review, analysis, discussion and approval.

An increase of 2.1% would add $5.37 to the current maximum average carrying charge of $255.87 per room, which includes utilities, effective April 1, 2024.

HCR policy requires notice of their correspondence and budget projections to be served on shareholders and posted conspicuously documents were also published in the Saturday, December 16, 2023 issue of the Co-op City Times Corporation.

During the 30-day comment period, shareholders or their represenNY 10475.

Following the virtual conference, shareholders’ input will be reviewed by DHCR accountants, attorneys and housing management revised in light of information obtained from shareholders during the comment period, according to the HCR notice.

HCR staff will then make a carrying charge increase recommendation to the commissioner. However, the HCR Commissioner will so, in what amount. In making her decision, the commissioner will to enable the corporation to meet its expenditures, the vacancy rate, size of the waiting list, economic impact the increase would have on shareholders and market demand for apartments in Co-op City.sue a Carrying Charge Order which will state the amount of the carrying charge increase, if an increase is indeed approved, and the comwill also state the effective date of the increase. Co-op City Times.

Directions for joining the HCR Virtual Carrying Charge Conference

Tuesday, January 30, 2024, 7 p.m.

Meeting number (access code):

Meeting Password:

To join from mobile devices:

Go to: https://riverbaycorporation-205.my.webex.com/riverbaycorporation-205.my/j. ; or use bit.ly/3vv3QJM; or scan the QR Code at right

1. If requested, enter your name and email address

2. If a password is required, enter the meeting password above –

3. Click “Join”

4. Follow the instructions that appear on your screen

To join by audio/telephone:

Dial by your location: +1-650-479-3208, US Toll

To join from a video system/application:

Dial: 26310159320@webex.com

You may also dial: 173.243.2.68 and enter your meeting number

Hearing-Impaired Shareholders for interpreter services for hearing impaired shareholders who wish to attend the virtual January 30, 2024 carrying charge conference. However, written requests for such services must be submitted to Riverbay at least two weeks prior to the January 30, 2024 conference date.

Please Note: Webex service includes a feature that allows audio and any docjoining the January 30th, 2024 session, you automatically consent to such recordings. If you do not agree to the recording, you may discuss your concerns with Mr. George Simon at the recording. Please also note that any such recording may be subject to discovery in the event of litigation.