Page 5 - CooperatorNews NY March 2021

COOPERATORNEWS.COM COOPERATORNEWS — MARCH 2021 5 TABLE OF CONTENTS Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Senior Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Alan J. Sidransky Staff Writer Peter Chase Director of Sales Fred Marks Director of Sales CooperatorNews is published monthly by Yale Robbins Publishing, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to CooperatorNews, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publishing, LLC 2021. All rights reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: cooperatornews.com/subscribe B S M ................ Condos and co-ops are unique in their management structure, of which there are two levels: the board of the association or corporation, which governs the commu- nity on behalf of the unit owners or shareholders, and a hired management agent, who conducts the day-to-day affairs of the property. Of course, some communities go their own way and choose to self-manage, but they are the exception to the rule—particularly in communities larger than 20 units. O A .................. . While residents generally like the idea of community that living in a condominium or co-op provides (that’s why many opt for this type of ownership), few are as excited about the idea of serving on their community’s governing board, or on any of the various committees their board may set up to oversee special projects. As important as long-term supervision of many specific aspects of community life may is fantastic news for communities struggling with the ongoing financial impacts of be, it’s often very difficult to find volunteers willing to do their part. A L B P ......... .. When one buys a private single-family home, it’s clear who the king or queen of the castle is: the homeowner. When it comes to condominiums and cooperative apartments, however, the relationship between owner and property is a little more complex. While the shareholder or unit owner rules within the walls of their unit, everything beyond the drywall—from the wiring and pipes in the walls to the shared common areas like laundry and fitness rooms, to the exterior elements that hold the building together and protect it from the elements... C - P P P .. . You may have heard that thanks to cooperative corporations being included in the new federal Stimulus Bill passed at the end of December, residential co-ops can now obtain loans under the Fed’s Paycheck Protection Program (PPP). While this the pandemic, it also raises lots of questions about applications, eligibility, and the rules around how funds are to be disbursed and allocated. P 4.68 3.096 8.19 7.47 11.1755 16.995 5.6825 2.3453 3.7822 2.4102 2.4658 5.2005 5.3024 2.4102 5.2005 2.3453 4.4218 3.2723 4.4218 4.4125 2.3453 3.7492 2.4102 5.6918 3.2723 2.34535.5805 5.6825 5.6825 5.2005 2.4102 5.6918 8.0752 5.4786 3.1271 10.5863 6.934