Q&A
Discussion on changes to HDFC regulatory agreements
2:52:14
·
140 sec
Council Member Pierina Ana Sanchez engages in a Q&A session with Arielle Hersh about specific changes and requirements that should be included in HDFC regulatory agreements. Hersh outlines the main categories of concerns and offers to provide more detailed information later.
- Hersh identifies two main categories of issues: administrative burdens and financial burdens on cooperatives
- She mentions specific examples such as yearly affidavits, compliance requirements, marketing requirements, and mandatory bookkeeping
- Hersh notes that UHAB is conducting a comprehensive review of the regulatory program, involving both staff and HDFC shareholders
Pierina Ana Sanchez
2:52:14
Thank you so much.
2:52:15
That's that's really helpful.
2:52:17
And in Ariel, you you mentioned changes to the sort of base regulatory agreements that are used for HDFCs.
2:52:25
Do you have specific welcome welcome you to share them now or in the many conversations we'll have after this, but just specific changes and requirements that HP they should include.
Arielle Hersh
2:52:37
Yeah.
2:52:37
I'd love to follow-up in more specific detail.
2:52:39
I think in general, they fall into 2 categories for us.
2:52:44
We see them either as additional requirements that create an administrative burden on the cooperative, that buildings may have a hard time submitting yearly affidavits, keeping up with compliance on top of hefty, you know, city compliance requirements as it is, especially for small buildings, as Christie was mentioning, these tend to be additional sort of hurdles to jump through for a small number of shareholders who are operating and managing their buildings.
2:53:12
So certainly things that sit within that sort of things that make it more difficult to sort of, like, operate and maintain a building, and then also provisions that create a financial burden.
2:53:24
On the cooperative, we've seen this specifically in additional provisions around marketing requirements in mandatory bookkeeping, And then, certainly, we know that there are critiques around monitoring fees and sorry.
2:53:42
Property management, of course.
2:53:44
And, you know, there are complicated range and sophisticity of issues out there that I'd love to discuss with the nuance that those things really deserve.
2:53:51
But I think that's the sort of like broad structure that those fit in.
2:53:54
And I'd love to also mention that you have is internally and externally with staff and HDFC shareholders going through a comprehensive review of the regulatory program.
2:54:06
So we're not only saying that this is our sort of organizational opinion and stance on that document, but we really want to ask HDFC shareholders who are successfully owning and operating and managing their buildings, what the substance of the regulatory agreement would change in the way that they relate to themselves, their neighbors, and their fellow shareholders, and to really be able to engage again with the substance that it deserves.
Pierina Ana Sanchez
2:54:30
Great.
2:54:31
Thank you thank you all so much.
2:54:33
Really appreciate it.
Arielle Hersh
2:54:33
Thank you.
