Your guide to NYC's public proceedings.
Q&A
Discussion on limited equity co-op conversion and maintenance payments
0:18:50
ยท
31 sec
Council Member Hanks inquires about the potential conversion to a limited equity co-op and how maintenance payments would compare to post-rehabilitation rents. Kerry LaBotz from HPD is unable to provide specific answers due to uncertainties about the building's operational needs and financing.
- HPD cannot provide specific comparisons between maintenance payments and post-rehabilitation rents at this time
- The focus is on ensuring that rents and maintenance costs remain affordable for tenants
- HPD aims to prevent rent burden or maintenance cost burden for tenants in the future
Kamillah Hanks
0:18:50
Thank you.
0:18:50
If the building successfully converts to a limited equity co op, how would the maintenance payments compare to the post rehabilitation rents?
Kerry LaBotz
0:19:00
I don't think I can give a good answer on that right now, not understanding what the building's, operational needs are going to be or having a financing in place.
Kamillah Hanks
0:19:08
But What would be reasonable?
Kerry LaBotz
0:19:10
I don't think I could answer that.
0:19:12
We want to make sure that rents are and maintenance are affordable to the tenants in place and no one is rent burdened or burdened by the maintenance at that time.