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Re: Equity refund from Mitchell-Lama Co-op

Posted by Mark Smith on August 10, 1999 at 13:09:23:

In Reply to: Re: Equity refund from Mitchel-lama Co-op posted by Anna on August 10, 1999 at 10:42:33:

Buildings are not converted to Mitchell-Lama co-ops; they start out as Mitchell-Lama co-ops. Unfortunately, some buildings have left the Mitchell-Lama program and have converted to free-market rental and co-op buildings.

You might also check the co-op's certificate of incorporation and, especially, the by-laws for more information about how the equity is calculated. The Attorney General's Real Estate Department probably has jurisdiction, but they may defer to, or refer you to, the supervising agency (DHCR, HPD, HUD, as appropriate).

: One year? Something's missing here: was the building supposed to be converted to M-L co-op 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.

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