You are right to be concerned about the financials of a Coop, and an HDFC in particular. The best thing to do is look at the financials of the building to see if they have "positive cash flow" on their income and expense statement. You also want to look at the balance sheet of the financials for cash in the bank (I can help you determine the financial stability). There are specific rules to HDFC Coops including an income restriction to purchase (there are a few different formulas for income restrictions-email me or call for more info). HDFC almost always have a "flip tax" charged to the seller upon sale based on the "Profit" that you make on the unit. This can be tricky sometimes so it helps to be dealing with a broker who has sold a lot of these to make sure you don't pay more than you have to. I wrote an article about HDFC coops you can see here: http://ezinearticles.com/?HDFC-Coops---The-Best-Deal-in-New-…

Where can I fing the By-Laws for HDFc co-ops and how much is the cost for the closing of this apartments

HDFC co-ops are intended to be the permanent homes for low- to moderate-income families. HDFC regulations require use of the apartment as a primary residence. HDFCs are created to provide housing for persons of low to moderate income which means that both the monthly charges (rents or maintenance) and the sales price for apartments must be kept affordable. In exchange, the City subsidizes the building by rehabbing it and reducing taxes. Your resale value may be affected because of restrictions. These restrictions include the definition of income for who can purchase shares in the co-op and how profit is split between the co-op and the outgoing shareholder.

HDFC's rules regarding the resale and transfer of apartments are found in three legal documents: The Certificate of Incorporation, the By-laws, and the Proprietary Lease.

The below link to the NYC Housing Preservation Department should provide the information you're looking for. Good Luck!

HDFC is for low to moderate income buyers. I believe your income cannot exceed a certain amount to quaify. You should check the coops (2006 and 2007) financials to see their stability. sunny_hong@countrywide.com

Phyllis how are you?
I don't know much about HDFC co-ops, but my colleague actually has a listing in Harlem in an HDFC building. She just went into contract on another listing which she had in the same building, which is a long way from getting closed. If you like, send me an email with your contact info and I can put you two in touch. I am confident that she will be able to answer your questions regarding this issue.