Vol. 57 No. 13
Saturday, March 26, 2022
New State Law Affects MitchellLama Housing Cooperatives BY BRANDON ORTIZ
A new state law passed at the end of last year will affect how MitchellLama housing cooperatives such as Riverbay conduct their business going forward. Kathy Hochul on December 22. The bill was originally introduced in April of last year and passed the State Senate two months later on June 7. The bill was then delivered to Governor Hochul’s desk for signature last December. “This bill is intended to ensure open, transparent, and democratic goverhousing companies, and to protect the interests of shareholders and the public interest in preserving affordable housing,” according to the New York State Assembly website. However, Riverbay General Counsel Jeff Buss reported to the community last July that this law would not only change the way Riverbay conducts its annual Board election but would also impose additional costs on Co-op City shareholders. Lama cooperatives. During board elections, shareholders will now need to tral third-party that is sealed within two envelopes. Neither Riverbay’s current or former method for its elections would be allowed under the new law. As Mr. Buss pointed out last year, for decades, Co-op City conducted Board elections by using the “old-fashioned/levered” rate polling places were set up and staffed on election day. That process was expensive, requiring Co-op City to pay for moving trucks to transport the heavy voting machines, technicians to service the machines during the day, (Continued on page 4)
Board President Cylich Invites Cooperators to Lobby Gov. Hochul in Albany STOP – Killer Curve Exit Ramp Riverbay Board President Bernard Cylich is inviting cooperators to lobby Gov. Hochul in Albany on: Tuesday, April 5, 2022 Buses will leave the Bartow Mall at 9 a.m. and return at 6 p.m. Call TODAY to reserve a seat on the bus: 347-913-4226
Critical Federal Covid-19 Program Runs Out of Funding BY BRANDON ORTIZ
A critical federal program that reimburses hospitals and clinics for treating
this week. Healthcare providers who utilized the program, which is the Health Resources were able to offer vaccination, testing and treatment to uninsured individuals. During the duration of the program, $175M was given to support over 50,000 healthcare providers. However, a lack of funding is forcing the federal government to phase out the Covid-19 UIP. “The fund that reimburses doctors and other medical providers for caring for uninsured individuals will be scaled back this month and end in early April,” White House Press Secretary Jen Psaki said last week to reporters. With the UIP no longer accepting claims, uninsured individuals will be turned away from providers or have to pay out-of-pocket for Covid-19 testing, treatments and vaccinations. A lack of funding for the Covid-19 UIP is not the only consequence for the White House and Congress. On March 15, Shalanda D. Young, Acting Director of the Office of Management and Budget, and Jeffrey D. Zients, White House Coordinator for (Continued on page 5)
$1.25
Schumer, Bowman Deliver $125M for Capital Investment at Co-op City Cash Infusion Keeps Co-op City Affordable On Monday, March 21, 2022 U.S. Senate Majority Leader Charles Schumer and Congressman Jamaal Bowman announced that – following their relentless advocacy – HUD has processed and approved Co-op City’s HUD loan refinance, which will maintain long-term housing quality and affordability for the tens of thousands of residents at the Bronx Sen. Charles Schumer (left) and Rep. Jamaal Bowman development. call on HUD Secretary Marcia Fudge to advance Co-op the housing company
City’s loan application at April 2021 press conference. (Continued on page 4)
RIVERBAY CORPORATION
RIVERBAY BOARD DIRECTORS’ OPEN MEETING
WEDNESDAY MAR. 30 • 7 P.M.
DREISER AUDITORIUM 6 P.M. to 7 P.M. –– COOPERATORS MEET WITH RIVERBAY DEPARTMENT DIRECTORS 7:00 P.M.
GALLERY SESSION
COOPERATORS ARE INVITED TO ADDRESS THE GALLERY SESSION MASKS REQUIRED.
Annual Income Affidavits Notice BY AVERIL JAMES-BONNETTE, DIRECTOR, FINANCE DEPARTMENT
City after March 31, 2022, and those cooperators on the Section 8 Program). Shareholders will be required to NOTARIZE
The April 30, 2022. Shareholders quest a reexamination for an interim change to reduce or remove surcharges. New surcharges will be imposed effective July 01, 2022 based upon data taken application for extension in lieu of a 2021 NYS Tax Return, you are still required tax return or you will be subject to the maximum 50% surcharge. Also, please (Continued on page 2)