Fall 2015Issue 26
Prestige Title Agency, Inc.

Prestige Title eNews

Fall 2015
RCandRP
Sales of HDFC Owned Properties

In response to a large amount of requests by Housing Development Fund Corporations (HDFC) formed pursuant to Article XI of the Private Housing Finance Law (PHFL) and the Business Corporation Law (BCL), the Department of Law of the Real Estate Finance Bureau of the State of New York gave guidance as to whether HDFCs can convert their properties to market-rate coop and condominium housing.
 
HDFCs are corporations governed by the PHFL and are also incorporated by the BCL. They came around in the 1970 at a time of financial chaos where buildings were falling into severe disrepair and abandon.  The HDFC gave (and give) an opportunity to the tenants of those dilapidated buildings to purchase their own buildings and run the building as a cooperative with the tenants being under Tenant Interim Leases. The main requirement for HDFCs is that they are regulated by their supervising agencies (Housing Preservation and Development - HPD and Division of Housing and Community Renewal - DHCR) to ensure that they provide housing for people with low income. Indeed, the HDFC is required by the PHFL section 573(3)(a) to contain a statement in their certificate of incorporation that states "that the company has been organized exclusively to develop a housing project for persons of low income;"

 
 Click Here to read more 

 
If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com ), George Asllani, Esq.(gasllani@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
  
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com
In This Issue
Announcements
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Did you know that Prestige Title handles Commercial transactions nationwide?

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Did you know that Prestige Research provides Coop Lien Searches at the low cost of $275?
   

Please contact Anthony Chiellino for further details at (212) 651-1200 or achiellino@prestitle.com.
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AddlAdditional Items of Interest

TRID Safe Harbor Rule passes in the House - Click Here


 

Suffolk and Nassau County to Raise Fees - Click Here 

 


If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com), George Asllani, Esq. (gasllani@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com. 
 
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Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide. For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com
  
  
55 W. 39th St. 9th Fl. New York, NY 10018 Tel (212) 651-1200 Fax (212) 651-1201
Member of New York State Land Title Association Member of American Land Title Association