Every HDFC building has different by laws. Many allow sub-letting. Many will charge the shareholder or increase the shareholder's maintenance for subletting. HDFC coops are supposed to be owner/occupied and the shareholder's primary residence since they are a form of subsidized housing. Many HDFC coops understand that there are certain circumstances where a shareholder may have to sublet such as temporary job relocation or financial hardship.
If you have a coop sub-let lease and you went through the coop application board process and the board approved you then you have a legal coop sublet. If you are renting without board approval it is most likely an illegal sub-let.
There are some HDFC coops where the boards don't seem to care or look the other way about rentals. Unfortunately I know of HDFC shareholders who can't sell their units because banks wont lend when there are too many renters.
Mitchell Hall, Associate Broker
The Corcoran Group
More than likely it is againt the bylaws but every building is different. HDFC buildings were/are not structured for investors. The coop board probably could evict you depending on the bylaws. Definately check it all out.
please contact http://www.nychdfc.org for assistance with HDFCs
thank you Ms. Judd
Do you have a co op sublet lease? The fact that you are renting in an HDFC is not totally illegal. Many have some rental guidelines. Are you renting form the owner of the apartment or are you renting from the sponsor(the total building owners)
If you are renting from an individual owner, did you go through an application process/? If you did then, no problem. There should be a limit to how many years you are allowed to rent.
I have rented apartments in HDFC buildings but every situation is different.
Please contact me if you need a clearer answer.
In general,, shareholders cannot rent their unit as it has to be your primary residence. As life and work conditions sometimes change, many allow subletting 18 months out of 5 years, but only for 10% above the maintenance. This is to avoid investment.