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New York State to Redetermine Eligibility of Public Program Enrollees
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President’s Report ––– (Continued from page 1)
Accionistas primero – Nosotros importamos.
Co-op City shareholders are homeowners, not tenants. Participate in community-related activities!
Facebook Shareholders First – We Matter. *** Estimados accionistas,
Facebook
4 Co-op City Times / March 18, 2023
(Continued from page 1)
Election Committee either by email to Riverbay2023Election@riverbaycorp.com, or by hand delivery to Public Safety headquarters in the Bartow Center, on or before the Friday, March 24, 2023 deadline.
This year, the terms of Board Directors Bernard Cylich, Sonia Feliciano, Andrea Leslie, Bishop Angelo Rosario and Claudia Sampson are expiring, and shareholders
At the Wednesday, March 8, 2023 meeting of the Riverbay Board of Directors, the 2023 Election Rules and Schedule were approved by the Board, setting the date of the Annual Meeting of Shareholders on Monday, May 1, 2023.
On Tuesday, March 14, the 2023 Election Committee, chaired by Board Director Lynette Wright, held a virtual candidates’ Information Session via Zoom to explain the responsibilities of board directors to prospective candidates and to give an overview of eligibility and the Riverbay election application process.
As reported last week, Director Wright said the information session was held because “many shareholders have passionate ideas about changes they believe would
sition. We want to give a realistic, non-partisan understanding of what is expected of Mitchell-Lama board directors, as well as outline the 2023 candidacy process and election season.”
At Tuesday’s meeting, Director Wright gave an overview of the Riverbay Board application process. She also reviewed the 2023 Riverbay Election schedule, highlighting important dates and deadlines prospective candidates should be cognizant of.
Among directors’ responsibilities, the 2023 Election Committee chair pointed out that board directors:
• Provide oversight of Riverbay’s functioning
• Establish policy throughout the corporation
• Ensure that established policy is implemented and obeyed
On the other hand, board directors are not allowed to, or should not, get individual staff.
Director Wright quoted from Riverbay Corporation’s Board Manual which states: “The Board is charged with oversight of Riverbay’s mission, preserving Riverbay’s institutional autonomy, setting policy and supporting and promoting the organization.”
Board directors are expected to have an awareness and understanding of Article 2 of the NYS Private Housing Finance Law (PHFL), Business Corporation Law, NYS Housing & Community Renewal’s (HCR’s) statutory authority to administer PHFL for Mitchell-Lama developments, Mitchell-Lama regulations, HCR’s Rules and Policies, state and local laws and codes, and the housing corporation’s by-laws
In her presentation, Director Wright emphasized that board directors’ guiding principles are: organization; must participate in the governing of the organization; and must use “degree of diligence of care” and act in “good faith.”
• Duty of Loyalty – Must act in the best interest of the corporation; must disclose
• Duty of Obedience – Must comply with all applicable laws and regulations, as well as internal documents and policies.
• Duty to the Organization – Simply put, don’t be a liability.
• Duty to the Cooperators – Minimize cost burden on shareholders and ensure
• Duty to the Public – Riverbay Board Directors are tasked with the responsibility of developing public policy that will impact 15,372 moderate-income families in state-aided housing.
Director Wright also explained that among board directors’ additional responsibilities are attending Open Board meetings, executive session meetings, committee meeting and public meetings. She followed this information with a brief summary of board committees and their respective functions.
“As a Board Director, you’re working with 14 other people who have a large variety of backgrounds, who bring different perspectives and their own levels of expertise,” said Director Wright. “It’s not about knowing how to solve every problem, but being able to listen intently, work collaboratively, and knowing how the strengths
According to the 2023 Election Rules and Regulations, any shareholders of restanding with the Riverbay Corporation can run to serve on the Riverbay Board of Directors. A shareholder in arrears can be on a pre-agreed payment plan but must be in good standing with current payments to be eligible to run for the Board. Only one resident shareholder per unit may run as a candidate or serve as a Board director at a time. Candidates must not be indebted to Riverbay Corporation
(Continued from page 1)
charge will be assessed each month until the documentation is submitted. The shareholder will be liable for all surcharges assessed – no credits will be issued for surcharges already assessed.
manner will result in the maximum surcharge of 50% of your basic carrying charges. You would then be required to pay the 50% surcharge for each month, for excess surcharges already assessed as a result of failure, neglect or refusal worksheet which will assist the cooperator in determining whether they are material very carefully.
cautioned, therefore, to make sure that the data provided come from their NY State tax return.
• Wednesday, April 19 – Dreiser Auditorium from 9 a.m. to 8 p.m.
• Monday, April 24 – Bartow Center, Room 31, from 9 a.m. to 8 p.m.
• Wednesday, April 26 – Einstein Center, Room 45, from 9 a.m. to 8 p.m. and insurance declarations in the carrying charge boxes. Please put it in an envelope and clearly mark ‘2022 INCOME AFFIDAVIT’ on the outside of address: RIVERBAY CORPORATION, FINANCE DEPARTMENT, ATTENTION: 2022 INCOME AFFIDAVIT, 2049 Bartow Avenue, Bronx, NY 10475.
A letter from the Riverbay Risk Management department regarding the subinsurance broker or company showing that you have the required insurance packet which you will receive in the mail.
Please note that the insurance documentation must be submitted along withdocumentation should be addressed to the Risk Management department at (718) 320-3300, Ext. 3388.
(Averil James-Bonnette is Riverbay’s Director of Finance.)
period and until sworn in, if elected.
Following the deadline for receipt of prospective candidates’ executed election packages (March 24, 2023), the 2023 Election Committee and Riverbay Legal department will conduct their due diligence to determine the candidates’ eligibility be held on Friday, March 31, 2023 and the names of the candidates published in the Saturday, April 1, 2023 issue of the Co-op City Times.
photo and free ¼ page advertising, will be published in Saturday, April 15, 2023 issue of the Co-op City Times, followed by the second supplement on Saturday, April 22; and the third on Saturday, April 29. The candidates will express their views on issues relevant to the community as they seek the support of fellow shareholders to serve on the Riverbay Board of Directors.
The voting period in the 2023 Riverbay Board Election will begin at 6 a.m. on Monday, May 1, 2023, and end at 9 a.m. on Friday, May 26, 2023.
Forums, one at each of the three community centers, which will also be broadcast Auditorium; the second on Saturday, April 29, at 3 p.m. in Einstein, Room 45; and Room 31.
In addition to being a resident shareholder of record and up-to-date on their
must not have been convicted of a crime against the Corporation, must not have been removed from the Corporation’s Board of Directors, or from employment with the Corporation for cause; or for reasons which the Election Committee in its sole discretion deems to be adverse to the best interests of the Corporation; the Corporation’s by-laws and governing documents. [2023 Election Rule B(4)]
Sitting Board directors must continue to live in Co-op City while serving on the Board.
“I encourage anyone who is interested in running to pick up an election package,” said Director Wright. “It’s a position of service and dedication to the community we all love and want to improve. We might see that there are problems, but and sustainable solutions.”
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Co-op
/ March 18, 2023 5
City Times
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Director’s Viewpoint – Daryl Johnson
Let’s Set The Record Straight
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Director’s Viewpoint – Rod Saunders
Board Resolutions and MTA Bus Service to our Community
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633 Lydig Ave • Bronx, NY 1 block from Pelham Parkway & White Plains Road Accessible by #2 & #5 trains • #12, #22 & #39 buses DIVORCE - BANKRUPTCY • ABSOLUTE LOWEST FEES • FREE CONSULTATION • EVENING APPTS. AVAILABLE • FLEXIBLE PAYMENT PLANS • IMMEDIATE FILING “COURTEOUS AND PROMPT SERVICE AT AN AFFORDABLE FEE” DAVID BRODMAN,Esq. 718.239.7110
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• Large Chapel on
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• Casket Showroom on premises
counseling
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services
Cremations A dignified funeral every family can afford.
• Out of town
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For information, please call: (718) 320-2066. Schedule subject to change without notice. Payments for trips at the Bartow office can be made Monday – Friday: 9 a.m. - 12 p.m., & 2 p.m. - 4 p.m. only Funded by: The NYC Department for the Aging, The NYS Office for the Aging and Riverbay Corporation.
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