This training is intended to provide a practical introduction to the process of creating and preserving limited equity Housing Development Fund Company (HDFC) coops in New York City, which are typically created through the Third Party Transfer (TPT) and Tenant Interim Lease (TIL) programs. The first part of the training focuses on the skills that real estate counsel must have to navigate the coop conversion process with the Real Estate Finance Bureau of the Attorney General's Office, the City of New York Department of Housing, Preservation and Development (HPD), and the attorneys for the sponsor and the bank financing the development. Emphasis will given to the drafting and negotiation of the coop conversion offering plan. The second part of the training explores the skills that corporate counsel for an existing HDFC coop brings to bear on corporate governance, finance and business issues, including following bylaws, leases, regulatory and monitoring agreements, drafting coop policies, and negotiating financial terms to pay off arrears or to finance substantial repair and rehabilitation projects.
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<br />Preregistration required at Civiltraining@legal-aid.org. Attendance limited to 20 with priority given to Legal Aid and Legal Services staff.
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