Upcoming Programs & CLE
Reports
Committees
JULY 2013

CLE

When Real Estate Deals Go Bad: Effective Tools to Overcome 2013's Trickiest Road Blocks
Tuesday, July 10, 6:00 pm-8:30 pm

Construction Contracts 101 : Agreements Explained & Demystified
Thursday, July 18, 9:00 am-12:00 pm

Video Replay: Co-ops & Other Residential Closings: Preparing for What Lies Ahead
Tuesday, August 20, 9:00 am-12:00 pm

Residential Real Estate Closings: What You Need to Know from Pre-Contract to Closing
(Both Days)

Monday, Septenber 16 & 23, 6:00 pm-9:00 pm

Missed a CLE Program? You Can Still Benefit! CLE Programs' CDs, DVDs and other course materials can be found on the website.

Affordable Housing
The Committee on Housing and Urban Development expressed support for A.5438/S.226, which would amend § 31 of the PHFL to expand the qualifying income range of eligible families for the Mitchell-Lama Program. The proposed amendment would remove the requirement that families whose incomes are between 100% and 125% of the Area Media Income (AMI) must have at least two dependents, thus expanding the pool of middle-income families who can benefit from the stock of affordable housing provided by the Mitchell-Lama Program by allowing otherwise eligible families with fewer than two dependents to qualify for admission.

The Committee on Housing and Urban Development issued a report which outlines a series of suggestions for how best to preserve the existing Mitchell-Lama (ML) housing companies, which provide affordable rental housing in New York City. Possible solutions highlighted in the report include: 1) creating a new definition of area median income; 2) requiring owners of ML housing companies to notify NYS Homes and Community Renewal (HCR) of their intention to exit the ML program, thereby giving HCR an opportunity to find a purchaser who would keep the projects as regulated affordable housing; 3) allowing for alternative forms of ownership; and 4) identifying broader sources of financing for existing ML owners.

Cooperative/Condominium Real Property Tax Abatement
In a joint report, the Committees on Legal Problems of the Aging and Trusts, Estates and Surrogate’s Courts expressed support for A.6658/S.4600, which would amend the Real Property Tax Law (RPTL) to provide that a tax abatement may be granted to a cooperative or condominium dwelling unit held in trust for the benefit of a person or persons who would otherwise be eligible for the abatement had they owned the unit directly. The report also suggests a corrective amendment to the legislation which would amend RPTL section 467-a(b-1), and possibly RPTL sections 458(7), 458-a(5), 458-b(6), 459-c(9) and 467(10), so that they apply if a current beneficiary of the trust would be eligible for the tax benefit were he or she the owner of the property as opposed to requiring that the trust be “solely” for such beneficiary’s benefit.

Committee Involvement--It's Never too Late
Committees are how the City Bar’s work gets done. Working on a committee can give you great experience while opening up a number of career doors, some you may not even anticipate.

A full list of the City Bar committees along with a brief description of each and an application form can be found on the City Bar’s website. As a number of City Bar committees have more applicants than available slots, please consider applying to more than one committee.