April 14, 2020
Condo & Co-op Alert
Condo & Co-op Alert
Author(s): Erica F. Buckley
This alert discusses the latest Executive Order signed by Governor Cuomo to provide much-needed priority of action on the part of government to help expedite the formation of essential developments, including affordable housing and homeless shelters.
On April 12, 2020, Governor Andrew M. Cuomo signed Executive Order 202.16 to provide much-needed priority of action on the part of government to help expedite the formation of essential developments, including affordable housing and homeless shelters. Executive Order 202.16 is effective through May 12, 2020. The Executive Order requires the New York State Department of Law to issue all no-action or no-filing letters within 45 days of the date of submission. No-action or no-filing letters are submitted to the Department of Law for various types of affordable housing projects, including for-sale cooperative conversions involving housing development fund companies as well as condominiums for affordable rental projects.
In addition to the expedited treatment from the Department of Law, the Executive Order also requires the New York City Department of Finance to process and record condominium declarations for essential projects involving hospitals or health care facilities, affordable housing, and homeless shelters within 30 days of receipt of such filing.
Prior to the date of the executive order, the Department of Law issued temporary guidelines governing the submission of filings to the Real Estate Finance Bureau. A copy of the Bureau guidance is available here.
The Tax Map Unit of the New York City Department of Finance has set up an email address to receive all RP602 approvals and final applications at firstname.lastname@example.org.
Nixon Peabody’s full-service Cooperatives and Condominiums team stands ready to work with developers of essential projects. We are one of the only AmLaw 100 firms with a focus on affordable and middle-market for-sale projects throughout New York State, with offices in Albany, Long Island, New York City, and Rochester.
The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.
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