Your guide to NYC's public proceedings.
PRESENTATION
Requirements for cooperative conversion
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23 sec
The project has specific requirements that must be met for the buildings to convert to a cooperative. These requirements ensure resident participation and financial stability.
- 80% of existing residents must attend at least eight co-op success training sessions during the construction period.
- 80% of existing residents must remain current on their rent payments.
- 80% of existing tenants must choose to purchase their units at co-op conversion.
Regina Lovitt
0:19:00
The requirements for the buildings to convert to cooperative are to have 80% of existing residents attend at least eight co op success trainings, which will be provided during the construction period.
0:19:10
80% of the existing residents must also remain current on their rent payments.
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And lastly, 80% of the existing tenants must choose to purchase their units at co op conversion.
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Next slide, please.