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Re: Equity refund from Mitchel-lama Co-op

Posted by Anna on August 10, 1999 at 10:42:33:

In Reply to: Equity refund from Mitchel-lama Co-op posted by Shirley Gordon on August 10, 1999 at 09:07:54:

: I live in a Mitchel-lama Co-op and some shareholders have lost 75%/ or all of their equity
: (the purchase of the shares so they could live in the coop). Management, kept their
: money for one year and sent them a refund in July '99 without supporting doucuments.
: that would account for the excessive deduction. Each shareholder had restored their unit.
: Is there a case that you know of where the shareholders won their case.?

: Please respond. We are having a meeting on 8/17/99 to appeal to the Board to give back their money.

: Shirley

One year? Something's missing here: was the building supposed to be converted to M-L coop but the conversion failed?

The lawsuit that the tenant-shareholders would have to bring is not a Landlord-Tenant lawsuit so you're not likely to find cases on this website. L&T cases concern the lease-relationship, not the shares-relationship. The lawsuit would be breach of contract, breach of duty, fraud, etc. The Tenant-shareholders really really need a lawyer for this: did you have a Tenants Assoc during the conversion? Contact the lawyer it used ASAP.

In the meantime: carefully re-read your Offering Plan, Proprietary Lease, any other document.

More info re co-ops and/or M-L are available online: start with the Attorney General's website (ps: you can call them: they do talk to real people and they will talk to your reps in person too): on Real Estate.

You can get more info about Mitchell-Lama programs on TenantNet: Met Council articles & DHCR rules. And on DHCR's website:

In NYC: some programs are run by the city, some by the state. A little (I mean little!) more info is on HPD's website on NYC's official website.

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