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Board approves annual allocation of up to $150,000 to Riverbay Fund to support a Youth & Community Programs Dept. Vol. 51 No. 30
The Riverbay Board voted overwhelmingly in support of resolution 16-45 on Wednesday night to allocate up to $150,000 to the Riverbay Fund to establish a Youth & Community Programs Department which will provide programs and services for Co-op City youth and families. Director Deborah Jenkins, who was appointed by Board President Cleve Taylor in June to preside over the Riverbay Fund, said: “There has been great disappointment community-wide during the last two years with the functioning of the Riverbay Fund. I, too, have been disappointed as goals were made and not kept. Funds were allocated for specific purposes and outcomes were not met or properly tracked. “Nevertheless,” she pointed out, “several Board directors remained committed to providing viable and quality youth and community-wide programs. We believe that having a Youth Department established BY ROZAAN BOONE
Saturday, July 23, 2016
through the Riverbay Fund will augment the great services currently being provided by Riverbay’s recognized community and faith-based organizations.” Director Jenkins indicated that in the same manner that the Riverbay Corporation provides financial support to the community’s senior programs, it is hoped that everyone will embrace the benefit of doing the same for youth and community-oriented programming. The Riverbay Fund, which is the not-for-profit arm of the Riverbay Corporation, relies on funding from Riverbay Corporation, city, state, federal, private grants and fundraising to administer its programs. “Having a unique understanding of public and private funding, we know that most funders require support from the requesting entity,” said Director Jenkins. “To this end, we have asked that the Riverbay Corporation authorizes an annual allocation up to $150K specifically to establish a supported Youth and Community Program Department.” (Continued on page 4)
Prepaid carrying charges must be postmarked by July 31
Shareholders are reminded that anyone who received a letter earlier this month with the amount of money they must prepay covering the next 12 months of carrying charges have until the end of July to send their payment to Riverbay. Payment must be postmarked by July 31 in order to receive the 6% discount under the program. Late payments will be returned to the shareholder. Thank you for your participation and cooperation.
Public Safety to host Coffee with a Cop on August 19 in Section 5
Meet local officers & discuss community issues
Co-op City residents and the Public Safety officers who patrol and protect their community on an aroundthe-clock basis will have the opportunity to get to know each other a little better over a cup of coffee on the morning of August 19th in Room 45 of the Einstein Community Center, starting at 10 a.m. All community members are invited to attend the program entitled, Coffee with a Cop. No prior registration is required, but residents with questions about the event can contact Public Safety at (718) 320-3330. Chief Frank Apollo, commander of the Public Safety Department, said: “In my own personal experience, some of the most meaningful and productive conversations in BY BILL STUTTIG
(Continued on page 9)
Deferred Equity ups sales, drops cash 25¢
Since implementation of the in-house Riverbay Deferred Equity Program in May, 2011 to assist incoming and transferring shareholders to be able to afford an apartment in Co-op City, 1,387 shareholders have taken advantage of the program. So far this year (Jan.-June 2016), 138 shareholders have opted in for the deferred equity program, while only 26 secured loans with Citibank and 74 paid cash for their apartments. Shareholders who participate in the deferred payment plan must put down 35% of the equity requirement for the shares of the apartment they are interested in. They then have seven years to pay off the remaining 65% balance. For example, using the average size apartment of 4.5 rooms, the current equity requirement based on $4,500 per room is $20,250. The deferred payment program allows new shareholders to put down 35% at closing ($7,087.50). The payment of the remaining 65% (or $13,162.50) is then spread out over seven years, plus a small “deferral fee,” similar to if they had a loan with a bank. “This deferred equity program actually hurts Riverbay’s cash flow because instead of Citibank lending the new shareholder all the equity and it being paid in full to Riverbay, Riverbay now will only receive 35% of the equity and then has to wait seven years until it is paid in full,” said Peter Merola, Riverbay’s Director of Finance. “Nevertheless, this program was a necessity for Riverbay because after the United States’ financial crisis in BY ROZAAN BOONE
Conference on Human Trafficking and Domestic Violence held in Co-op City (Continued on page 2)
“Human trafficking is the fastest growing criminal enterprise in the world,” Lauren Hersch, Director of AntiTrafficking Policy and Advocacy at Sanctuary for Families, warned an audience of over a hundred who came to day one of the Not On My Watch’s conference held at the Dreiser Community Center on Thursday, July 14. The entire two-day event, with the second day’s events taking place on Friday, July 15 at PS 144 in the Bronx, was aimed at raising awareness of both human trafficking and domestic violence. The first day featured panels from both NYPD Vice Enforcement officers, as well as activists who lead local campaigns to raise awareness on human trafficking and domestic violence. “Women make up the majority of the abused sexually, and many of our victims are suffering from poverty and BY BRANDON ORTIZ
(Continued on page 21)
Day one of the conference featured a diverse set of panelists including some NYPD officers (right). Photos by Brandon Ortiz