GOVERNOR’S VETO DASHES CURRENT HOPES FOR REVERSE MORTGAGES FOR SENIORS IN CO-OPS

On Friday the 13th, Governor Cuomo issued his Veto #213, disappointing hundreds of seniors who supported this important legislation as they aged in place in New York  housing cooperatives. Many of these seniors call CNYC on a regular basis for progress reports on the legislation that would have enabled them to live out their lives in the homes and communities dear to them.   Now many will be forced to sell their cooperatives for the funds to cover their living and medical expenses in their ‘golden years”.  

CNYC has worked for years to enable seniors in housing cooperatives to use the equity in their homes through reverse mortgages.   This year,  Assembly Member Jeff Dinowitz and Committee Chair Kenneth Zembrowski, brought together organizations such as AARP and those involved specifically with mortgage foreclosure prevention.  .  All those involved recognized the vital need to help seniors in housing cooperatives.   We worked with good will to understand one another’s concerns and to produce legislation with  ample consumer protections.

With our thanks to the law makers and organizations who worked for this important legislation, and deepest aplogies to the seniors whose hopes have been dashed by this veto, please know that CNYC and FNYHC will continue its efforts to enable seniors in housing cooperatives to access reverse mortgage-type loans.  

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