Articles

When purchasing insurance for single-family homes or apartment dwellings, consumers usually purchase very broad and inclusive policies that are relatively simple to shop for. Cooperative housing, in contrast, divides insurance risks among several individuals and entities through multiple insurance policies affording fairly specific coverages. Although the cooperative dweller likely has a fairly simple shopping experience, cooperative directors must consider coverages for the complex as a whole, individual dwellers and for the themselves in their capacities as directors, officers and employees.

The governing documents of your cooperative are the tools of corporate control. They set the ground rules within which the members and board must operate. They are the standards by which courts will judge issues. Ignorance of them and how they work among themselves will leave you defenseless to those who do know how to use them. It is the difference between winning and losing.

A helpful outline explaining Parliamentary Procedure, Robert’s Rules of Order, and how to implement these often confused processes into your board meetings.

As most cooperatives reach the point where their original mortgages are paid off, and the HUD Regulatory Agreement ends, a debate occurs on whether they should remain as a form of housing cooperative, or convert to condominiums. We have written an article on this debate and will not reiterate it here; rather this article will present some strategies to help those boards that want to remain as a cooperative by taking steps to prevent future boards or memberships from undoing the decision.

With the unprecedented and sustained drop in interest rates, a growing number of cooperatives are examining the possibility of refinancing their original mortgages. Many of our clients have found mortgages which cost the same or less than the existing mortgage. This makes it a popular option, since it allows for an infusion of capital that not only retires the old debt but also funds capital improvements to upgrade the property.

Sexual harassment is an issue which every housing cooperative or managing agent should have a basic familiarity. As an employer, the cooperative or managing agent is obliged to refrain from discrimination on the basis of sex in their employment relationships. This article briefly discusses the evolving state of sexual harassment law.

Cooperative Boards, in discharging their fiduciary duties, usually award contracts to low bids. They also try to cut corners in entering into contracts with bidders. Obviously, the motivation is to keep costs down for the benefit of their members. That is what they perceive as their job, and they are correct – in part.

As states begin to slowly reopen, the question as to whether pools will open for the summer has become a hot topic. For states that have been hit hard with COVID-19, it is likely that public pools will remain closed for the rest of the summer. However, some states are permitting public and private pools to open/reopen for the summer months with strict guidelines.

Housing cooperatives do not fit into a one size fits all category. Not only may cooperatives’ governing documents be organized differently, but they also vary as to their structures. Typically speaking, cooperatives are comprised of multifamily townhomes or apartment style dwelling units. However, some cooperatives are high rise style living or are even comprised of detached single dwelling properties.