FNYHC | Federation News

The City Council Committee dealing with fire safety, in buildings over six stories and/or seventy five feet, will voted on February 24th, 1999, to bring the recommendations of the committee to the full City Council. All new residential construction, in buildings over six stories and/or seventy five feet, and any substantial rehabilitation (50% of assessed valuation) will require sprinklers in the hallways and in each unit. In buildings already constructed, such as the Federation's membership, a P. A. type system must be installed. Mayor Giuliani wants even stricter requirements. The final outcome will have to be rectified between the City Council and the Mayor's Office. Leave no doubt in our members mind, the City will pass legislation, where affected buildings will be required to do some work. The Federation will keep you posted on this important issue.

The Section 277 Challenge Task Force, in which the Federation was an intricgal part of, was successful in stopping the IRS from applying Section 277 to any kind of housing cooperative. The IRS has accepted what the Tax Court have been saying all along. The IRS has stooped any pending audits, new audits and will follow through on any refund claims pending in connection to Section 277. All cooperatives will now be treated as a Subchapter T cooperative which has a different set of standards although not as onerous as Section 277. Please pass this information on to your building accountant and if you need any further information please call the Federation.

THOSE BUILDINGS INVOLVED WITH "HUD", YOUR BUILDING HAS UNTIL APRIL15,1999 TO CERTIFY TO YOUR LOCAL HUD OFFICE THAT ALL OF YOUR BUILDING SYSTEMS AND COMPUTER CAN OPERATE PROPERLY AFTER JANUARY 1,2000.

REMINDER THE ALL AROUND COOPERATIVE AND CONDOMINIUM REAL ESTATE TAX ABATEMENT IS DUE TO EXPIRE ON JUNE 30, 1999. THE FEDERATION IS WORKING HARD ON THE PROGRAM'S CONTINUOUS.

FOR THOSE COMPLEXES WHO ARE MEMBERS OF THE NATIONAL COOPERATIVE BANK, ELECTIONS ARE COMING UP. THE COUNCIL OF NEW YORK COOPERATIVES AND CONDOMINIUMS'(CNYC) MARY ANN ROTHMAN CAN NOT RUN AGAIN FOR A SEAT ON THE BOARD. THE NATIONAL ASSOCIATION OF HOUSING COOPERATIVES (NAHC) HAS ENDORSED CNYC'S CHAIRPERSON STUART SAFT TO FILL MS ROTHMAN'S SEAT. THE FEDERATION ENDORSES MR. SAFT CANADICY AND ENCOURAGES YOUR BUILDING DOES TOO.

SPEAKING OF THE NATIONAL COOPERATIVE BANK (NCB), THE FEDERATION HAS JOINED (ALONG WITH OTHERS ASSOCIATIONS) A JOINT HOUSING GROUP WITH NCB. THE GROUP WILL FOCUS ON LEGISLATIVE ISSUES AFFECTING COOPERATIVES.

NEED A BANK FOR SHARE LOANS, GMAC IS PROMOTING A NEW PROGRAM FOR SHARE LOANS. FOR INFORMATION CALL: STEPHEN J. SMITH @ 1-800-447-4622 EXT 27 OR FAX HIM @ 516-827-1325

A BULK OF THE FEDERATION'S TIME HAS BEEN DEDICATED TO OFFERING OUR MEMBERSHIP SERVICES THAT MAY HELP TO SAVE YOU MONEY OR HELP YOUR BUILDING.

The Federation's web-site is now online. The site is in its' infinacy stage, we will be mailing to all our members an opportunity to list their building information at our web-site. Right now, the site provides for a legal corner, event list with links to other cooperative sites, legislative issues, a question and answer page where you can ask you questions directly to the Federation and the Federation Newsletter. Please visit our site at "FNYHC.ORG", let us know what you think and ask some questions.

With the population of the residents of our building aging and this aging population staying in place, there has been a great need for senior services at our buildings. Naturally Occurring Retirement Communities (NORC) have been for filling those needs in a great number of cooperatives in our city. Recently, there has been proposed legislation with funding to enlarge this type of service. The Federation has a seat on the NORC Board and endorses the activities. There is soon to be scheduled a diner meeting in early April, for cooperatives representatives to explain, update and to enlist those building who need this service. Please look for a special mailing by the Federation concerning this meeting and we encourage all to come and particapte.

The Federation has signed on to the Durnan Group Managers Workers Compensation Safety Group. One of the line items' on all of our member buildings with staffs is workers compensation insurance. The Federation has been studying different workers compensation insurance providers and has concluded that the Durnan Group best fits the needs of our membership. With discounted premiums up-front and a substantial dividend at the end of the year, makes this safety group the best deal around. Each claim is investigated throughly, which is why this group can offer the best workers compensation package in the state. To find out more information or to sign up, please call the Durnan Group Managers at 1-212-768-9191 and make sure to tell them you are a Federation member.

With all the confusition concerning electric deregulation, a new Energy Service Company (ESCO) that is consumer oriented. 1st Rochdale Cooperative is an energy company that is owned by buildings who belong to 1st Rochdale. Similar to what happens when you belong to a cooperative. There is no investors, so the consumers are the owners. In addition, they will do energy audits on your building to see what can be done to diminish or reduce your demand side electric bill, that will save you kilowatts and money. They are not just a energy provider as the other ESCO's. For further information, please call 1st Rochdale at 1-212-673-3900.

THE COOPERATOR CO-OP & CONDO EXPO
HILTON HOTEL
AT 54TH STREET & AVENUE OF THE AMERICAS
MARCH 25,1999