2021 Riverbay Election Supplement – see pages 26 – 31 for candidates’ statements
Vol. 56 No. 15
Saturday, April 10, 2021
Understanding our budget review process President’s Message
Linda Berk President
The Riverbay Board of Directors has just spent the past five weeks reviewing, deliberating, and adjusting the Riverbay budget to reach a resolution for our roughly quarter of a billion dollar a year budget. It is an awesome process that is your right to understand. The Riverbay budget is proposed by Management for a two-year period; this budget is for 2021- 2022 and 2022-2023 fiscal years. The proposed budget is reviewed by the Board of Directors who must vote to approve a budget that
$1.25
Schumer, Bowman urge new HUD Secretary to facilitate refinancing option for Co-op City Refinancing could save shareholders millions and maintain affordability of development BY ROZAAN BOONE
Senate Majority Leader Charles Schumer and Congressman Jamaal Bowman announced at a press conference held in Co-op City’s Bartow Mall on Thursday, April 8, that they have dispatched an urgent letter to the new Secretary of HUD, Marcia L. Fudge, to “clear a path now for approval of improved financing” which
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Shareholders encouraged to submit questions for candidates at Candidates’ Forums BY ROZAAN BOONE
In preparation for this year’s three virtual Candidates’ Forums, the 2021 Election Committee is asking shareholders who would like to ask questions of the candidates to submit them to the committee at least 2-3 days ahead of each scheduled forum. The three forums will take place on Wednesday, April 21; Saturday, May 1, and Wednesday, May 5. Each will begin promptly at 7:30 p.m. The forums will be available for viewing on the Internet via Riverbay Corporation’s Webex account. Shareholders will be advised of log-in information when it becomes available. The forums will also be broadcast on the community’s in-house television channel, (Continued on page 11)
2021 Election Committee Notice
The 2021 Riverbay Election Forums will be virtual. The Election Committee is accepting questions that will be read at the forums for the candidates to answer. If you would like to ask a question, the question should be emailed to the Election Committee at least 24-48 hours prior to the forum and should include your name and the best contact information where you can be reached. The email address is: Riverbay2021Election @riverbaycorp.com. The question should be directed to one or more of the candidates by name(s), or directed to all of the candidates. The three virtual candidates’ Forums are scheduled to take place on: Wednesday, April 21, at 7 p.m.; Saturday, May 1, at 7 p.m.; and Wednesday, May 5, at 7 p.m. Log in information will be forthcoming.
MTA wants to make all subway stations ADA accessible
BY BRANDON ORTIZ
Accessibility for disabled subway commuters has been a problem the MTA has attempted to address in recent years, but a new proposal aims to expedite the modernization project and also save taxpayer money in the process. The new zoning proposal would motivate private developers to design their buildings while also incorporating public station accessibility projects for disabled riders. Additionally, private developers would be incentivized to help build the improvements at MTA stations or provide spaces for future access points the MTA can build. (Continued on page 9)
US Senate Majority Leader Charles Schumer and Congressman Jamaal Bowman were joined by Co-op City’s other elected officials at Thursday’s press conference where the federal legislators announced steps they are taking to facilitate a possible refinancing of Co-op City’s mortgage to ensure savings for capital projects and infrastructure repairs, and preserve affordability of Co-op City homes for the more than 45,000 residents who reside in the development. Photo by Rozaan Boone
would allow shareholders to realize significant savings and help preserve Co-op City’s stock of more than 15,000 affordable homes. “Congressman Bowman and I are here to reveal to the 45,000 residents of this 320-acre co-op, America’s largest – and we are so proud of Co-op City – this is a rare shot to secure tens of millions of dollars for this community,” said Senator Schumer. “It’s called a mortgage refinancing option… Here’s what it means in numbers. Refinancing means, … a place like this, already an oasis of affordability, could in total get about $100M when you refinance and the rates go down. And what do they do with that money? Jamaal and I will not tell them what to do with (Continued on page 3)
2021 Income Affidavit Update
On March 25, 2021, HCR announced amended Revised Procedures for Occupants’ annual Affidavit of Household Income for Calendar Year 2020 Income Review Procedure. These amendments affect the deadline dates that are stated on the documentation in the Income Affidavit package that you received PLEASE NOTE THE FOLLOWING CHANGES: The original deadline date for submission of income affidavit was April 30, 2021. This date is currently reflected on the income affidavit form that you received. Please be advised that deadline has been extended to May 31, 2021. Effective date for the new surcharges was July 01, 2021. Due to the recent amendment, surcharges for prior year (2019) will end July 31, 2021 and the new surcharges for 2020 will become effective August 01, 2021 NO NOTARY REQUIRED THIS YEAR. (See page 9 for detailed instructions to assist with completing your 2021 Income Affidavit.)