A Response to HCR’s Field Report

by Alexis M.

River View Towers recently received an unfavorable Field Report from NYSHCR. HCR is our supervising authority and oversees our Mitchell-Lama status. HCR directed that the Field Report be made available to shareholders because as shareholders it is our responsibility to ensure that our board of directors is making sound decisions. HCR requested a response from the board of directors and shareholders should be provided with that response as well. The chart below shows why our Mitchell-Lama status is critical to the survival of our cooperative. Staying in Mitchell-Lama is our best shot at staying affordable.

Why River View Towers Must Remain in Mitchell-Lama
CO-OP AND/OR RESIDENTS ELIGIBLE FOR:	Mitchell-Lama Co-op	Private Co-op
Shelter Rent Tax Abatement Shelter rent reduces NYC real estate taxes for RVT by hundreds of thousands of dollars to keep our carrying charges/monthly maintenance as low as possible.	YES	NO
SCRIE – Senior Citizen Rent Increase Exemption SCRIE freezes carrying charges so that maintenance increases going forward are paid by NYC real property tax abatements worth tens of thousands of dollars for RVT so we can pay our bills.	YES	NO
DRIE – Disability Rent Increase Exemption DRIE freezes carrying charges so that maintenance increases going forward are paid by NYC real property tax abatements worth tens of thousands of dollars for RVT so we can pay our bills.	YES	NO
HCR, HFA, HDC Capital Reinvestment Programs NYSHCR, NYSHFA and NYCHDC programs to preserve affordable housing offer grant and no- or low-interest loan programs to finance capital repairs and upgrades that can save RVT hundreds of thousands to millions of dollars. This is very important to keep maintenance costs as low as possible for RVT, which turned 60 years old this year and needs more repairs, upgrades and maintenance than when it was a new building.	YES	NO
LL97 Deadline Extensions, Waivers, Exemptions Local Law 97 (LL97) requires NYC buildings over a certain size (RVT is) starting in 2025 to curb their energy emissions as part of NYC’s and NYS’s climate change laws or pay large penalties until those capital upgrades are in place, costing building owners hundreds of thousands of dollars. Mitchell-Lama buildings’ deadline for meeting these requirements is extended to 2035 in recognition of that affordable housing status. If Mitchell-Lama buildings work together on pressuring their legislators, it is possible they can get that deadline further extended and/or waived entirely.	YES	NO