HDFC co-ops receive many benefits from UHAB’s co-op preservation services, such as
These services help steer buildings into healthy physical and financial shape, all at affordable costs and with consistent assistance and guidance from your building’s designated UHAB Preservation Associate.
To contact UHAB about co-op preservation services, send an email to Oscar McDonald at mcdonald@uhab.org, or call (212) 479-3328.
Budget Preparation and Analysis
Our budget preparation and financial analysis services help us understand your co-op’s spending to see if your expenses are within reasonable guidelines and help you find long-term solutions to reduce costs and increase cash flow.
UHAB can also help you identify short-term and long-term financial goals, from spending less on legal fees to establishing healthy reserves, and work with you to achieve them.
Since co-op elections must be conducted according to the by-laws (proper delivery of election notices, adherence to eligibility guidelines, number of shareholders constituting quorum, etc.), the legality of an election can be challenged by a shareholder in court, which can cost the co-op thousands of dollars in legal fees. When a UHAB Preservation Associate attends and certifies the election, it helps protect the HDFC from claims of illegally conducted elections.
This service also ensures that the HDFC complies with the annual election requirement (from HPD and lenders). Your Preservation Associate will remind you when the election is due and make sure it gets scheduled.
Depending on your HDFC co-op’s regulatory agreement and your current loans, monitoring reports are required by HPD and/or private lenders who want to see that your HDFC is healthy and functioning well. They want to know that you are paying attention to your finances, that you are holding annual elections according to the by-laws, that you are insured, etc. Your Preservation Associate will compile this annual report and submit it on your behalf, reducing the co-op board’s workload and double-checking to ensure compliance in all areas.
HDFCs can be complicated, and you’re bound to run into situations that leave you stumped. A monitoring agreement that includes ongoing technical assistance will give you access to UHAB’s institutional knowledge and decades of experience working with co-ops like yours.
Technical assistance encompasses many aspects of HDFC governance, including
- decoding Regulatory Agreements, By-Laws, and Proprietary Leases
- navigating city compliance laws
- connecting you with experienced housing professionals (lawyers, CPAs, contractors)
- assistance with apartment sales and transfers and creating resale policies
- understanding your J-51 or DAMP tax benefits
If your building chooses to enter or continue a full monitoring package with UHAB, your Preservation Associate will be available to work with your building on any issues that may arise that affect the financial and physical health of your building.
