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Lost, Renter in 10011

I rent an apartment in a HDFC Building is this against the by laws.

Asked by Lost, 10011 Sun Jan 1, 2012

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10
Lost,

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.

Good Luck,

Mitchell Hall, Associate Broker
The Corcoran Group
917-312-0924
mhall@corcoran.com
3 votes Thank Flag Link Mon Jan 2, 2012
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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Lost,

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.

Good luck!
2 votes Thank Flag Link Sun Jan 1, 2012
My lease is up and I have signed the lease can they increase my rent $100 more? I have never gotten my apartment painted and there is no one to do any repairs. My lease is from year to year.
0 votes Thank Flag Link Thu Mar 26, 2015
Although it is discouraged, it does not violate the statue to rent HDFC housing. It is a violation to rent to persons who do not identify as low-income earners keeping in mind that the current definition includes a demographic that does not identify as low income earners.

please contact http://www.nychdfc.org for assistance with HDFCs
0 votes Thank Flag Link Wed Nov 12, 2014
I currently live in a 24 unit HDFC Building in Harlem on 119th and 5th Ave. In 2005 some of old tenants had to sue the shareholders because our rights to purchase was violated. In 2011 we won our case in Supreme Court, still as of today we had not been giving our shares. 1. there are no meetings. 2. the building being run by a management company and we owe over $600.0000 dollars in back taxes and water bills. the mangers himself owes 2 of the apartments and there are no bylaws that was ever pass out. 3. they sold 3 units for over $300.000 and still the bills are not being paid. there is only 2 people on the board that every time you ask questions they tell you to contact management. how can we get rid of the board and the management company if they won"t give us our shares? our building ins in distress and there are 3 liens against the building.

thank you Ms. Judd
0 votes Thank Flag Link Sat Sep 27, 2014
Ms. Judd, Our organization, NYC HDFC would like to know more about your predicament, and we might be able to assist. I congratulate you on our SC victory, but I am not sure why your Board hasn't complied with the court's ruling. your building is clearly in distress and I wonder if its being slated for Third Party Transfer. Please contact us at you convenience.

http://www.NYCHDFC.org
212 470 0484
Flag Wed Nov 12, 2014
HDFC buildings are basically to help people in lower income brackets to get starting with Pride of Home Ownership. They are not like any other coop in the city. Their guidelines are pretty simple but strict. However, subletting from an HDFC is different matter all together. In most HDFC buildings, in the bylaws, it'll have rules about subletting and they usually state that the shareholder can only sublet "10% over the current maintenance" Why so low? It is to control any investor that wants to come into the building. HDFC buildings are not to be income producers for any shareholder. HDFC coop boards/shareholders don't realize this and may turn their heads if they do. If an HDFC catches on to a shareholder subletting for a long period of time, they do have the right stop the process and enforce the shareholder to sell and for you, the tenant, to leave.
0 votes Thank Flag Link Mon Jul 1, 2013
Lost,
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.
Michele Portnof
Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes Thank Flag Link Mon Jul 1, 2013
Keep in mind that there's also a possibility you rent from the coop. An HDFC building in Harlem where I have sold a few apartments and have currently one in contract and one for sale, owns 9 apartments they rent out for rental income. HPD gave permission and the renters have gone through a board application like the shareholders.
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.
0 votes Thank Flag Link Mon Jun 25, 2012
Hi Adina,
I currently am a renter in an HDFC Coop in Harlem and have been for four years. I rent from the Sponsor, which is the building. In previous years, they have raised my rent by 2-4%. They are now raising my rent by 35%. Is this allowable according the by laws of HDFC Coops. Are there restrictions as to how much they can raise a renter's rent considering the basic premise of an HDFC building is to provide affordable housing? Additionally, they have given me 30 days to either resign or vacate. Is this allowable?
Flag Fri Sep 26, 2014
Hi Lost. You can always call the management office to covertly ask the question. If it is against the bylaws, the shareholder is responsible though it will probably impact you also. I suspect there could be a fine, but again, it would probably be against the shareholder. If nobody has come a knocking, don't sweat it. Good luck.
0 votes Thank Flag Link Sun Jan 1, 2012
Review the by-laws as the answer can be found in the document.
0 votes Thank Flag Link Sun Jan 1, 2012
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