Agenda item
Taken up with the city itself as the applicant, the Department of Housing Preservation and Development brought the request forward, so this is an agency-driven action rather than a private developer's.
- 80% of existing residents must attend at least eight co-op success trainings, provided during construction
- 80% of existing residents must remain current on rent payments
- 80% of existing residents must elect to purchase their units at co-op conversion
- A building that fails the 80% conversion thresholds becomes a rent-stabilized rental building post-rehab
- A 2% annual maintenance increase is required per the ANCP term sheet (ASR: 'ASCP'); shareholders may vote biannually to increase further