FNYHC | Federation News

SEPTEMBER 11TH

Since the horrific events that happen on September 11th, I know we were all touched, by this, one way or another. The Federation has put together three tributes for all that have been directly effect by these events, whether having a loved one perish or missing, and to the heroic rescue workers. You can see these tributes on the Federation's web site www.fnyhc.coop. The Federation has joined our two sister organizations, the Coordinating Council of Cooperatives (CCC) and the Council of New York Cooperatives and Condominiums (CNYC) in a fund raising effort from the New York City Cooperative and Condominium Community to give something tangible back to New York City. As of right now, we are exploring the possibility of purchasing a new Fire Truck for the City. If purchasing a Fire Truck is not possible, than something along those lines, e.g. ambulance or some other equipment. The Federation is asking all of its members to contribute to this fund. Enclosed is a letter you can distribute to your shareholder/ unit owners to help raise funds. If your Board also chooses to use the building funds, all the better. The Federation is a 501C3 organization, which means any money received is a charitable tax deduction. The Federation wants to raise this money without reducing the amount you contribute to other fundraisers on behalf of the relief efforts or families of victims.

FEDERATION'S PRESIDENT HAS NEW JOB

In October, the Federation's President Albert F. Pennisi, was elected as Executive Vice President of the National Association of Housing Cooperatives, our national representatives. Mr. Pennisi election will mean a more powerful voice in the Association. This is a great honor and on behalf of the Federation's members - Congratulation to Albert.

CO-OP/CONDO CONFERENCE

Our sister organization, the Council of New York Cooperatives and Condominiums (CNYC), is having it's 21st Annual Housing Conference on Sunday, November 11, 2001 at Hunter College, West Building, Lexington Avenue at 68th Street in Manhattan. The Conference hours are 8:00am to 5:15pm. The day is filled with 62 Workshops and Seminars. You already have or soon will be receiving a CNYC Conference brochure. As a Federation Member you may come at the reduced price. (See brochure) Please come to this worthwhile educational event

REAL ESTATE TAX ABATEMENT BILL SIGNED BY GOVERNOR.

Governor Pataki signed the bill extending the property tax abatement for another three years. The new abatement expires on June 30,2004. The Governor signed the bill on September 7th, 2001, days before the tragic events of September 11th. Due to the mass amount of money needed and lost in this tragic event, all budgetary aspects, including tax reductions, are being reviewed. Baring any changes, these extensions are at the same rates (25% for qualifying cooperatives and condominiums with an assessed valuation averaging $15,000.00 per unit or less and 17.5% for units of higher assessed valuation) as previously enjoyed. If the New York City department of Finance does not hit any glitches, expect a mailing to each assigned representative notifying the amount of each unit abatement and exemption, by mid November. The amount of the abatement going back to July 1st 2001 will be reflected on the revised January 1st 2002 Real estate tax bill. If there are any changes the Federation will keep you informed.

NOTES

In our last newsletter, we informed our membership about the Federation's 45th Annual Trade Show an Seminars. In this age of new technology and "Palm Pilots" (which doesn't have Holidays in them) we told you a date of Sunday, March the 25th 2002. That happens to be Easter Sunday- I don't think so. The revised date will be Sunday, April 7th, 2002. Plaese mark your calendars accordingly.

YOUR COOPERATIVE OR CONDOMINIUM LETTERHEAD

Fellow Cooperators (Unit Owners),

In the wake of September 11th, we can be proud of the way our City of New York has responded. Our fire fighters, police, emergency medical services and rescue workers
have given us a reminder of the true meaning of heroism.

Many cooperators (unit owners) have been contributing generously to the various fundraisers for relief efforts and for families of victims of the terrorist attack.

Very recently, an idea has been put forward within the cooperative housing community. It is proposed that the housing cooperatives of New York City purchase a fire truck for New York.

In addition to the lives of heroes, which are irreplaceable, New York also lost a substantial amount of fire fighting equipment. As a gesture of thanks to our city, our many housing cooperatives can join together to help replace our fire fighting equipment.

Housing cooperatives (condominiums) are inseparably joined to our city. Individual families or businesses can pick up and leave, Housing cooperatives (condominiums) cannot. We have long made the Case that housing cooperatives strengthen our city. It is also the Case, that a stronger city strengthens our communities. Our city is now in need, let us offer our support.

Why buy a fire truck? Won't fire-fighting equipment be replaced with the funds that have been voted on in Washington? A fire truck is a symbol and it would be a token of our support for our city. If our contribution frees up money to be used elsewhere, the money will still be well used. No one has yet estimated the financial impact upon our city, but it is almost certain to be beyond what is provided from outside the city.

We full expect that the cooperative housing fundraising effort will be joined by all of the major co-op housing organizations in New York - the Coordinating Council of Cooperatives, the Federation of New York Housing Cooperatives, the Council of New York Cooperatives and Condominiums, and others.

Here at (Your Cooperative or Condominium), we will start by asking for a dollar a family from each of our cooperators. Our reason for this approach is twofold: