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Discussion on HDFC cooperatives and their eligibility for TPT
0:47:08
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86 sec
Kim Darga provides an overview of HDFC cooperatives in New York City and their relationship with the Third Party Transfer (TPT) program.
- There are over 1,250 HDFC coops in the city, with most operating successfully
- About 30% of HDFC coops are struggling with financial and/or physical issues
- HDFC cooperatives are not eligible for the tax lien sale but are eligible for TPT
- Previously, HDFC cooperatives in TPT could petition to become a cooperative again if foreclosed on
Gale Brewer
0:47:08
And then the HCFC, that's a big mess.
0:47:11
So in general, they're a big mess.
Kim Darga
0:47:13
So talk to me.
Pierina Ana Sanchez
0:47:15
I don't
Gale Brewer
0:47:15
wanna get talked to
Pierina Ana Sanchez
0:47:16
him about HCLC.
0:47:17
Questions.
0:47:19
So
Gale Brewer
0:47:19
but I just wanna know how how does this impact HCLCs as well.
0:47:23
Yeah.
Kim Darga
0:47:23
So a couple things.
0:47:24
The working group record so let me take a step back.
0:47:31
There are well over 1250 HDFC coops in the city.
0:47:36
These are limited equity cooperatives.
0:47:38
They were supported in one way or another by the city, right, land, subsidy, tax assumptions, other types of assistance.
0:47:46
Most of them have operated really well.
0:47:48
They're a success.
Gale Brewer
0:47:49
I'm gonna do about 78 left.
Kim Darga
0:47:51
Yeah.
0:47:51
There are about 30% of the HDFC cops that are struggling.
0:47:56
With high financial and or physical.
Gale Brewer
0:47:58
So 30% straight lane and another about 78 issue are in in Ram to go into they don't like your program?
Kim Darga
0:48:07
So they are not eligible for the tax lien sale.
0:48:10
Okay.
0:48:10
Right?
0:48:10
They are currently only eligible for 3rd party transfer.
Gale Brewer
0:48:14
Okay.
Kim Darga
0:48:14
And up until about 2010, 2012, HDFC cooperatives that were in the 3rd party transfer program were able like other buildings the residents were able to petition and submit a petition saying they wanted to become a cooperative again
Gale Brewer
0:48:34
Right.