It is a misconception that HDFC agreement expires. While the Regulatory agreement (usually 25 or 30 years) may expire, the building is still incorporated as HDFC and that never expires.
I always hear lots of brokers and agent ask, when is the program expiring? Well, it really doesn't.
What may happen after the Regulatory agreement expires is that the coop changes the by laws. This can be done only if 2/3 of all shareholders vote for it.
Tax abatements can sometimes be extended , you can do a lot of research yourself at the city register.
Find out the block and lot number and look up the building. In general, you should find the deed, regulatory agreement and other information.
if you decide to go forwards with a purchase, it is imminent important to find an attorney who is well versed in this matter.
One attorney I can recommend is Jiyoung Cha ofMallin, Schwartz Y Cha. Barry Mallin has been one of the first attorney's in the 70's to help set up HDFC in New York. She is very knowledgeable. I just took 2 HDFC workshops for brokers at her office as i do lots of HDFC.
Jiyoung Cha, Esq.
Mallin, Schwartz & Cha, P.C.
132 Nassau Street
New York, New York 10038
(212) 285-1200, Ext. 15
Fax: (212) 285-1202
Your best advice on this issue will come from your attorney so I'd be sure to check there for definitive answers on Housing Development Fund Corporation properties (HDFC).
Generally all condos/coops will have a Prospective that's available to anyone interested in purchasing. There should be information about HDFC and how it affects the purchase, sale, or other transactions.
Licensed Real Estate Salesperson
A.C. Lawrence & Company