QUESTION
What is the typical duration of the rental to ownership conversion process and what requirements must residents meet?
1:14:17
·
71 sec
The deputy commissioner explains that the rental to ownership conversion process can take a long time.
- For successful conversions, 80% of residents must express interest in converting
- 80% of residents must be in good standing on rental payments
- 80% of residents must attend mandatory training
- If residents cannot meet these requirements, the conversion timeline gets extended
Oswald Feliz
1:14:17
And actually, sorry, one more question.
1:14:19
How long does that process generally last?
1:14:22
Are we talking about a 2 to 3 year process?
1:14:25
Getting the tons involved?
Kim Darga
1:14:26
Heard.
1:14:27
Yeah.
1:14:27
It can take a really long time.
1:14:29
I mean, I think one of the challenges is that we don't want it to drive out.
1:14:33
Right?
1:14:35
There are we think good practices when you have a rental property that is looking to convert.
1:14:42
And these practices we have used in some of the programs I've mentioned, so in the affordable neighborhood cooperative program and TPT tenant petition.
1:14:51
We 80% of the residents have to be interested.
1:14:54
In converting.
1:14:56
80% of the residents have to be in good standing on their rental payments.
1:15:02
And we need 80% of the residents to attend training.
1:15:07
So there are some breast practices that we've used sometimes residents are not able to meet those requirements, and so it can take a long period of time depending on how much buy in and how much residents are able to comply with that requirement.
Oswald Feliz
1:15:27
Alright.
1:15:27
Thank you so much.