"... HDFC co-ops are "limited-equity." They are required by law to remain affordable for low-income people. The resale guidelines of HDFCco-ops vary to some degree among buildings. In most cases, the sale price is limited by the fact that the incoming shareholder (purchaser) must meet the income guidelines of the HDFC. So although the price is not limited, the income of the purchaser is. Where there is a profit to the buyer, there is usually a split of the proceeds between the departing resident and the co-op itself."
See web reference link for more info.
How are you? I hope you're doing well.
I don't know if your husband is still looking to sell his HDFC coop but if so, please feel free to contact me. If your building is self managed, I can reach out to the board and coordinate the sale process on your behalf.
I currently have 2 beautiful & affordable apartments available in an HDFC coop building.
I hope this information is helpful to you. I wish you all the best :-)
Licensed Real Estate Broker
Gorick Realty, Inc.
View listings at http://www.gorickrealty.com
"Home is where the heart is."
DO - have all the restrictions, board background, maintenance costs, and possible financials that may affect maintenance on hand for the broker to share. Otherwise it will be just tons of wasted time.
DON'T try to shut buyers out by being vague about the details of the HDFC's board, or resale/buyer caps.
DO - Pitch what a great deal it is to live in a permanently affordable situation in NYC.
DON'T keep your board in the dark about your intentions - if the board can help back you in the sale (the inevitable benefit being the flip tax they get) it will seem more appealing for the buyer who is readying to enter a community-feeling environment.
A good idea that some HDFCs do is sell the shares back to the building. The seller gets whatever the building would've capped the profit at, and nobody wastes fees on banks and brokers, and then the building can re-sell the unit and get some much-needed capital at a whole price into the building. (Plus it puts the marketing on them.)
Also, consider going to neighbors or board members to see if relatives may want to buy. It could be the fastest process for selling.
Lastly, you are highly encouraged to post a free listing with UHAB at our website, http://www.uhab.coop
Also have your attorney look over the offering plan and any amendments.
FYI, Offering Plan aka Prospectus, Black Book.