HFDC Income Guidelines

I had the same question. I spoke to an attorney and he said that every building has different guidelines. Also, HDFC usually last 25 years, then (I guess) becomes a regular coop. My advice -- have an attorney review all documents. I was told recently for an HDFC coop that the board was "lienant." The attorney I spoke to said that regardless of what the board says the coop must follow the HDFC guidelines. This means, even if the board approves you, you could get kicked out if the HDFC guidelines were not followed. I don't think it's a bad deal, but do your homework and use an attorney.

FYI, I did a little bit of research on the whole HDFC thing, and just to set the record straight - buildings do NOT graduate from the program. As stated in the information in the link below "an HDFC always will be an HDFC". Check it out:

http://www.uhab.org/index.cfm?fuseaction=Page.viewPage&pageId=510&parentID=476&nodeID=1

On the other hand, I believe that buildings in the HPD Program can graduate and also have higher income restriction levels and no limit on resale price (unlike a limited equity co-op).

UHAB (SHUHAB following a merger) is not a neutral source, and I wouldn't trust their information. They're basically paving the road to hell with good intentions, and have co-opted what was supposed to be a program to let long-suffering tenants of deadbeat landlords (including the City of New York, a dysfunctional landlord) take ownership of their buildings, and in the process return the buildings to the tax rolls. Their goal is basically to trap these buildings into housing-project-like status. They cozy up to boards, and try to install policies that are contrary to the shareholders' interests.

The original HDFC lien is often available on ACRIS within nyc.gov for each particular property -- so your lawyer can interpret it for you.

I am poster #2. Thanks for the follow up. I have used ACRIS. But, you still don't know everything. I'll still keep looking, but use my attorney. But it sounds to me like the middle class is getting squeezed out. Manhattan is now only for the rich or poor. Thanks again.