Take action to preserve affordable HDFC Coops

New York City Council

Over the years HDFC shareholders have played a critical role in revitalizing neighborhoods and championing affordable housing, but our co-ops are currently at risk of being lost to gentrification. HPD’s proposed new regulatory agreement and tax break for HDFCs are a step in the right direction, but we feel that HDFCs deserve total property tax exemption and a regulatory agreement that will not make the hard job of running a co-op even harder. Find out more information about HPD's proposed regulatory agreement, here.

We must act now to preserve affordable HDFC co-ops for current and future shareholders!

We do not want to see HDFCs used as a tool for gentrifying the neighborhood, so we are asking for price caps that are truly affordable.

We do not want to see this program dissolve due to lack of oversight and ongoing support, so we are asking for a reasonable regulatory agreement that offers guidance without being overly restrictive.

We do believe that the future success of HDFC co-ops can lie in the deepening of subsidies, so we are asking for 100% property tax exemption for all HDFC coops that sign a new regulatory agreement.

UHAB NYC
Petition by
New York City, New York

To: New York City Council
From: [Your Name]

Dear New York City Council Member :

I am writing to you as a concerned HDFC shareholder and local resident. As you may have heard, HPD is working towards releasing a new regulatory agreement for HDFC co-ops that will be tied to a new property tax break. While the conversation around this issue has been dominated by shareholders who are primarily worried about being subjected to price caps and subletting restrictions, it is crucial for City Council to know that there are many shareholders who believe in preserving the affordability of HDFCs, who support the replacement of the DAMP tax cap with a deeper tax break, and who would sign a reasonable regulatory agreement in order to get this new tax break.

I live in an HDFC that would welcome and benefit from 100% property tax exemption and increased oversight, and I am in support of a regulatory agreement that includes resale price caps that are affordable to low- and moderate-income New Yorkers. Why?

I do not believe that current HDFC shareholders should be able to sell their apartments for market rate prices or sublet their apartments to those who are not in need of affordable housing.

I do not want to see HDFCs used as a tool for gentrifying my neighborhood,

I do not want to see this program dissolve due to lack of oversight and ongoing support,

And I do believe that the future success of HDFC co-ops can lie in the deepening of our subsidy amount and the amount of oversight we receive.

Although HPD is going in the right direction by finally putting more resources towards this program after decades of negligence, HDFCs deserve total property tax exemption and a regulatory agreement that will not make the hard job of running a co-op even harder.

I am asking you to support the preservation of HDFC co-ops for future generations. Please tell HPD to simplify their proposed regulatory agreement so that it is easier for buildings to comply with, to lower the price caps to be affordable to more New Yorkers, and to offer 100% tax exemption for any building that signs on.

Sincerely,