Hdfc co-op (section 8, apartments, coop)

[vermell 837]

I have been living in the same building and apartment in Harlem for the past 32 years, when I moved in the apartment I was told that the building was a project based section 8 property, now I have found out the property is under HDFC. The manager of the property stated the property is a CO-OP, but not for the tenants to purchase, I do not understand, all the tax benefits leads to property being a CO-OP. What is going on?:think, I can not figure this out.

[bluedog2]

There probably are people in the building who purchased their apartments but the co op probably "set aside" a certain ( perhaps substantial)number of units to be kept as project based section 8 for a contractually determined period.In return for that they got money to substantially rehabilitate the building and subsidies to offset the operating costs for the term of the agreement. You probably entered the building as a section 8 tenant ? And are in a "set aside" unit ?

The building was probably abandoned by the owner in the 70's and whatever tenants were left in occupancy after a protracted period of decline were the only ones who actually got to own their apartments.Frequently those people are the board and they often run the buildings corruptly as personal fiefdoms and cash machines. Essentially they live for free forever and get to steal as much as the can. Not saying that's what's going on in your building because there are many legit HDFC but they system is wide open for all kinds of corruption,kickbacks and thievery.

[DAS]

The section 8 tenants could buy their own apts also and continue to get section 8 for the maintenance. HDFC just really means the city doesn't want to own the building anymore and tenants are responsible for certain repairs. It seems that this HDFC was corrupt from the beginning, you moved in and didn't know when the building became coop and was not given a chance to buy your apt.

Many HDFC's are failing and going back to city ownership.