CTSAH
Coalition To Save Affordable Housing at Co-op City
About
"To be successful, a co-op needs a core of very committed people willing to contribute a great deal of time and a second tier of supportive members who are willing to work."
"Insufficient participation can result in anger and resentment and ultimately undermine a co-op.”
Source: Cooperative Housing a Handbook for Effective Operations
CTSAH Philosophy
LOOKING AT SELF-MANAGEMENT
The Coalition has been a supporter of self-management since its inception. It has been a long struggle to get HCR to approve the corporation the ability to manage itself. However, in 2015, Riverbay was forced to hire a management firm to manage the day to day operations of Riverbay Corporation. After a long and challenging process, the Riverbay Board of Directors hired Douglas Elliman Management.
HOW OUTSOURCING HAS WORKED AT COOP CITY
In 1999 the management of Co-op City was outsourced. An outside company, Marion Scott Realty, was brought in at ten times the cost of an in-house general manager who was six months into a six year contract. The general manager was not terminated, but his management authority was severely restricted. He was in effect forced out. How is outsourcing working for Co-op City?
WHAT IS MITCHELL-LAMA?
Mitchell and Lama were two New York State legislators who, in the 1950s, authored a program now embodied in NYS Private Housing Finance Law. The purpose of the program was to encourage the building of affordable housing for middle and low income residents by providing developers with inexpensive land, low-interest, tax-free financing, and abatement of real estate taxes. Profits for developers of rentals, however, were capped and apartment resell price of co-ops was restricted. As the most successful housing program in the state’s history, the law has benefited generations of moderate and low income families.
In recent “housing bubble” years, Co-op City has resisted the privatization that engulfed a number of M-L co-ops. Those co-ops fell victim to the lure of private gains for the few, at the expense of affordable housing for the many.
OPEN BOARD MEETINGS
There is a Board resolution (03-69) that mandates a minimum of three Board Meetings a year -- meetings that are open and that have gallery s e s s i o n s . Such meetings provide an invaluable opportunity for cooperators to see how their business is being conducted, and for Board members to hear community opinion on matters before the Board.
GET INFORMED AND STAY AFFORDABLE
All Coalition General and Executive Committee meetings are open to everyone. There is no Co-op City resident who doesn’t have a stake in keeping Co-op City affordable! Don't leave it to your neighbor. Come to hear, to learn, to discuss, and to debate -- and become a member.