We’re at a critical moment for the future of our HDFC community and the values we all share. As you know, HDFC co-ops have long been a lifeline for working families seeking stability and affordable homeownership in New York City. But major changes are on the horizon that will shape the fate of our buildings and our personal and collective investment in this city.
That’s why your help is crucial to get the Jackson-Taylor HDFC Self-determination, Preservation and Affordability Act (S.880/A.2707) passed in the New York state legislature. This legislation maintains current income limits for new HDFC buyers to ensure affordability, in exchange for a significant tax break to help residents keep their homes affordable. With this legislation, there will be no regulatory agreement, no price or asset caps, no external monitors, no restrictions on residency, and no complex loan terms.
Recently, a senior City official told us that after the DAMP tax break ends in 2029, any HDFC seeking a new tax break or loan must accept strict regulations, including price and asset caps, monitors, and City control over apartment sales. If HDFCs do not agree, we get no tax break at all. HPD’s main contractor for HDFCs, UHAB, has been working on a restrictive regulatory agreement that it wants HPD to adopt before the end of this year.
Unless we make our voices heard, the future of our homes will be decided without us.
Now is the time to engage, to educate ourselves and our neighbors, and to roll up our sleeves and take part in advocacy efforts. We are stronger when we act collectively. Our unity has always been our greatest asset—let’s put it to use as we face these unprecedented challenges.
Our response to changing city policy towards HDFCs is not merely a fight for financial relief; it is a stand for the right to self-determination, for the preservation of affordable homeownership, and for the continuation of the diverse neighborhoods that make New York City strong.
We each need to get involved: By attending meetings, reaching out to elected officials, or simply passing along information to neighbors who may not yet realize what is at stake. Click here to read our FAQ on the current situation and what’s in our bill.
In the meantime, the HDFC Coalition NYC needs your help.:
- Educate: See our new website, with lots of information to share.
- Donate: It costs money to move our campaign forward – printing postcards and flyers and renting spaces for our meetings is expensive. Can you donate $25? Ask your board to donate $250? Visit our GoFundMe page at HDFC Go Fund Me.
- Advocate: Write to your state and local elected officials. We have postcards you can send (just email us and we’ll get you a pack for your building.)
- Unify: Tell us your HDFC story. What does your HDFC co-op mean to you, and why you want to protect it. Use pictures and video – send us a social media post, or a video.
- Organize: Get your board and your fellow shareholders to join our mailing list. Host an HDFC public meeting in your neighborhood. Email us or fill out this form.
- Question – Send us all your questions. We’ll answer them on our new website.
Together, we can save our HDFCs and protect our homes. Let’s do it –
With thanks – The HDFC Coalition NYC