BRI News

CCAC Joins The New York Metropolitan Coalition for Cooperatives in Opposing “Co-op Home Ownership Act”

The CCAC has joined a metropolitan area coalition to oppose proposed legislation calling for co-op boards to issue their respective decisions on accepting proposed shareholders within a 45-day time frame.


The proposal, known as “The Fairness in Cooperative Home Ownership Act,” calls for every co-op board in the state to acknowledge the receipt of a purchase application within 10 days and, accordingly, cite areas where the application is incomplete. Boards would then have 45 days to accept, or reject, the completed application and notify the applicant of its decision in writing. Failure to follow those guidelines would result in the automatic approval of the sale.


Check out our Jan/Feb Issue of Impact for more information

Send me an email when this page has been updated!

"*" indicates required fields