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!

Sun May 11 2008, 10:55

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

Tue Apr 29 2008, 21:15

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.

Mon Apr 28 2008, 20:51