Contrary to the memo we sent on Tuesday, the NYC Department of Finance is NOT requiring every co-op or condo renew their benefits.
ONLY CERTAIN CONDO BOARDS MUST FILE BY FEBRUARY 18TH
The Department of Finance conducted a small audit of less than 1% of the co-op/condo units and asked those unit owners to renew their benefits if the unit is their primary residence. This required a new form, which is the Condo Renewal Form. ONLY those condo units that received the audit letter AND are eligible for the benefit must file.
In addition, condo boards can use this form to report changes in eligibility, such as a commercial unit like a doctor’s office that is converted to a residential unit which the owner use as their primary residence or a condo owner purchasing a four unit in the development, making all four units ineligible.
The Condo reporting form has been revised so that there are only two section, A and B. Section A should be completed by the condo owner and Section B by the managing agent/board.
COOPERATIVES FILE AS IN THE PAST
As in years past, DoF is simply asking co-ops to correct any discrepancies in the data in its Co-op Tax Benefit Letter, sent in December to the contact entity for all participating cooperatives (usually the managing agent). NOTE THAT co-op shareholders who recently received letters from DoF and whose cooperatives are their primary residence must make sure that management knows this and includes this information on the Correction form. The Co-op Tax Benefit Change Form is due February 18, 2014 and it CAN be signed by management.
Please accept our deepest apologies for our prior errors.
Forms and guidance can be found at: