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They should be thinking of the children, who are innocent bystanders.
Children cannot inherit Mitchell Lama co-ops, by law, the aparttments revert to the corporation. They CAN however inherit a co-op that has gone private, so anyone with concerns for their children benefits by privatization.
Ruppert House is the only ML co-op in the area. All the other towers built on the old Ruppert Brewery site were Mitchell Lama RENTALS and all went private the instant they could giving the landlords immediate and immense fortunes in private real estate. No hew and cry over THEIR windfalls from $500/month apartments to million dollar condos in York and Ruppert towers on Third Avenue. They made BILLIONS from conversion.
One of out touted HUGE benefits:
HDC Senior Mortgage $1,998,288.50 at 8.13% interest
HDC 2nd Subordinate Mortgage balance$9,322,000.00 at 7.835% interest
The government has just SHOWERED us with benefits.
From the M-L Rules:
(d) Bequeathing of apartments. In no event may the right of occupancy in a Mitchell-Lama mutual
housing company development be bequeathed to another. Upon the death of the tenant/cooperator, the
shares must be returned to the mutual housing company which will arrange for a sale pursuant to
subdivision (a) of this section. Notwithstanding the foregoing, eligible members of the tenant/cooperator's
immediate family in occupancy may acquire such shares if they meet the requirements of § 3-02(p) of
these rules.
(3) Unless otherwise prohibited by occupancy restrictions based upon income limitations pursuant to
federal, state or local law, regulations or other requirements of governmental agencies, if the
tenant/cooperator has permanently vacated the apartment, any member of such tenant/cooperator's
family, who has resided with the tenant/cooperator in the apartment as a primary residence, as
determined by § 3-02 (n)(4) of these rules, for a period of not less than two years immediately prior to the
tenant/cooperator’s permanent vacating of the apartment, and whose name is listed on any income
documentation submitted by such tenant/cooperator to the Department or to any other governmental
agencies (for example: income affidavits, recertifications or Section 8 forms), for at least the two
consecutive annual reporting periods immediately prior to the tenant/cooperator's permanent vacating of
the apartment or where such person seeking succession rights is a senior citizen or disabled person, for a
period of not less than one year immediately prior to the tenant/cooperator’s permanent vacating of the
apartment, and has appeared on the such income documentation for at least the reporting period
immediately prior to the permanent vacating of the apartment by the tenant/cooperator, or from the
inception of the tenancy or commencement of the relationship if for less than such periods, and the
apartment was and continues to be the primary residence of the member of the tenant/cooperator's family
that resided with such tenant/cooperator, may request to be named as a tenant/cooperator on the lease
and where applicable on the stock certificate. In the event that HPD has authorized the housing company
not to collect surcharges based on income documentation, the family member shall be asked to provide
other evidence of occupancy for the required period of time. The burden of proof is on said family member
to show use of the apartment as his or her primary residence during the required period to be eligible to
succeed to possession.
Yes, so all is not lost for future generations of family members
The privateers or pirates who want to plunder the Mitchell lama program only succeed by spreading this kind of misinformation that Kefir King just spread. They literally spend thousands of dollars on phamplets to hand out to cooperators or slide under doors... and they are all filled with lies.
But with a private co-op, the shares can be willed to a child who moved away decades ago, no need for a two year residency and annual income verification.
But with a private co-op, the shares can be willed to a child who moved away decades ago, no need for a two year residency and annual income verification.
Ok so whats ur point?
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
But with a private co-op, the shares can be willed to a child who moved away decades ago, no need for a two year residency and annual income verification.
In Southbridge's final plan version, they could inherit, but they had to pay the 30% flip fee to take possession.
Yeah literally just put your kids on your income affidavit and you'll be fine...
He probably just doesn't want to pay surcharge
Another thing is you have to remembers that this is social housing intended for working class families well into the future. Waiting lists are crazy. That's why you can't just will it to someone to be sold at market rate. It's not a commodity, it's supposed to be primary home of a family.
If you wanted to speculate on the market with your co-op you should've paid $100,000 more and bought a market-rate private co-op
But you didn't do that because it's extremely expensive and hard for working families to do
In Southbridge's final plan version, they could inherit, but they had to pay the 30% flip fee to take possession.
I was told it was 28% flip tax at Southbridge. I see no reason that every first transfer should not be treated the same, whether to a child or to a stranger.
But how is the value ascertained for inheritance? By last comparable transfer?
Originally Posted by Kefir King But with a private co-op, the shares can be willed to a child who moved away decades ago, no need for a two year residency and annual income verification. Ok so whats ur point?
My point is that the right of inheritance in Mitchell Lama is very limited, unlike what an earlier post implied. It is very much akin to inheriting rent stabilization: possible but not assumable.
Last edited by Kefir King; 05-16-2017 at 09:45 AM..
30% (and they were talking 33%, just didn't get there in time). I don't know how they would determine market value without a sales offer. Probably get an assessment and find a way to pass the cost along.
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