Michelama Housing help needed! (New York, York: leases, coop, loans)

[ByteGuy]

I live ina a Michelama Housing Coop in the Bronx. We, the shareholders, have been concerned that the management has been wasting our funds on frivolous items. We have heard rumors that the coops bank accounts are short a million bucks. Upon asking the president of the board, a shareholder, and the manager of the management office to allow an accountant who is shareholders to view the books, they refuse or ignore us.

I would like to know how can we go about firing the management agency, and replacing the top board members. We are pretty sure that money is missing and capital projects that loans were taken ouot for are not going to be done.

We need legal help that we can't afford. I believe our main objective is to fire the management company immediately, check the books to verify they are correct. Then we can remove the Board of Directors, once we gain control of the coop funds and prevent them from squandering the funds.

[neodorian]

Wonder if anyone would take it on pro-bono. Doesn't sound like a huge money maker but maybe a beginning attorney would do it for the work experience. I only say this because my gf is finishing law school and while she may not go into practice right away (she has other credentials in less competitive fields) she is thinking of getting barred anyway just to take on the occasional pro bono case.

edit: I just asked her and she said you need to look into "right-to-inspect records" or something similar in state code. Sometimes they don't explicitly say what you have to look at but others will tell you. That ought to get you started.

[Fred314X]

Uh...you do mean Mitchell-Lama, right?

[ByteGuy]

Thanks Neodorian!!!
I appreciate the advice,Mod cut: .

I will try to look that "right-to-inspect records" code, that sounds like what we need. Also, not ot impose on you, can I obtain subpeonas to view the financial books and cease/desist orders to stop management and the board members for spending any more money without approval from shareholders or court or someone impartial? Do we need an attorney for this or can it be done without one? I know the saying, but I plan to move within a year, but I do want to help those that can't afford to move. Many are elderly, retired people, my neighbors and friends. I don't want to see them loose their homes, some have been luiving here almost 40 yrs, when the building was completed and opened, I have 16 years here.

:Mod cut

[nyctc7]

Normally, the board of a co-op has tremendous power to do whatever it wants within the confines of the co-op bylaws, the proprietary leases, and the business judgment rule, though the rules governing Mitchell-Lama recognizes that since they have elected to operate under a city-aided program, Mitchell-Lama boards must relinquish some power normally accorded to other co-op boards. The New York City Department of Housing Preservation and Development has oversight over management issues and waiting lists. Perhaps this agency could help you.

Also see http://www.oag.state.ny.us/publicati...rge%20book.pdf

Another suggestion: If you reasonably suspect that some sort of willful neglect is going on, or even fraud, why not contact a newspaper or TV station?

[anthonyea]

Can anyone please let me know how to apply for the michelama or Mitchell-Lama housing for New York City? Thank you.