Update: Housing Security & Tenant Protection Act of 2019 – Limited Exemption for Coop Boards 

September 16, 2019

On September 13, 2019, New York State Department of State issued guidance for real estate professionals (the guidance) concerning the Housing Security & Tenant Protection Act of 2019 (the Act). The guidance loosens the application of the $20 limit on application fees and background checks for coops. A previous Alert regarding the impact of the Act on condo and coop boards, advised that coop board application fees to prospective shareholders may not exceed $20. The guidance exempts coop boards from the $20 cap in connection with the sale of a coop unit. Therefore, coop boards may charge application fees in excess of $20 in connection with the sale, but not sublet, of a coop unit.  

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Leni Morrison Cummins

Chair, Condominiums & Cooperatives


(212) 883-4954

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