Selling Your HDFC Coop
There are about 1500 HDFC coops in NYC about half are in Manhattan. Many HDFC buildings have been gut rehabilitated by HPD then converted to HDFC Cooperatives and many sold to the original tenants for $250 per apartment.
There are many variables regarding reselling your HDFC coop. HDFC coop boards are not that different from many non HDFC coop boards. All coops including HDFC are set up as private housing corporations. The coop board is entitled to approve or deny any purchase for any reason other than discrimination. The only difference is HDFC coops have maximum income restrictions. The must remain "affordable" based on New York metropolitan area statistical median income standards released annually through HPD as determined by each HDFC. Most HDFC Coops have a "flip tax" a percentage of the profit or sale price that gets paid back to the HDFC coop at the closing.
HDFC co-ops are intended to be the primary, permanent homes for the self-supporting working low- to moderate- to middle income New Yorkers.
Low income is considered below 100% of the NY area median income and moderate income is above the median. Moderate and middle incomes range from 120 percent to 165 percent of the area’s median income.
There is currently strong demand and a limited supply of affordable apartments resulting in higher values.
There are many variables regarding reselling your HDFC coop. HDFC coop boards are not that different from many non HDFC coop boards. All coops including HDFC are set up as private housing corporations. The coop board is entitled to approve or deny any purchase for any reason other than discrimination. The only difference is HDFC coops have maximum income restrictions. The must remain "affordable" based on New York metropolitan area statistical median income standards released annually through HPD as determined by each HDFC. Most HDFC Coops have a "flip tax" a percentage of the profit or sale price that gets paid back to the HDFC coop at the closing.
HDFC co-ops are intended to be the primary, permanent homes for the self-supporting working low- to moderate- to middle income New Yorkers.
Low income is considered below 100% of the NY area median income and moderate income is above the median. Moderate and middle incomes range from 120 percent to 165 percent of the area’s median income.
There is currently strong demand and a limited supply of affordable apartments resulting in higher values.
