Mitchell lama housing locations12/4/2023 ![]() So when boards get an application, do they do an investigation, or just pass it along to the city or state? If everyone says yes, that person would be granted the apartment. ![]() So a person puts in a succession plan application to the co-op, and if it’s approved, the co-op submits it to the DHCR or HPD. The agencies very rarely get into the succession business. If it’s the city Department of Housing Preservation and Development or the state Division of Housing and Community Renewal, it’s almost invariably in court. It depends on where the Mitchell-Lama is and who regulates it. If that person is turned down, then the apartment is sold, and they get the proceeds. You can say you give the apartment to your grandson, but he has to apply to the board and be approved, just like any other incoming shareholder. By the way, you cannot bequeath an apartment in a private co-op either. If the grandson doesn’t get a succession claim, he would get the equity refund, which would be given to him through the will. In Mitchell-Lamas you cannot bequeath an apartment. If the grandmother said in her will that she leaves the apartment to her grandson and he didn’t live with her, could he still move in? One of my favorite cases was when, during depositions, the people who were claiming succession admitted that they had a big Irish Sunday-night dinner to discuss which of the nieces and nephews would move in with crazy Uncle Larry, and the family came to the determination who it would be. If grandma lives in a three-bedroom apartment in Chelsea in a regulated co-op, there’s a big incentive for the grandson to move in and claim succession rights. Well, to be frank, there’s a large incentive for fraud. That you are a family member as defined by law, either as a blood relative or a nontraditional family member, cohabitating, sharing bank accounts and doing other things that show a familial relationship in some way. It’s basically evidence that you’ve co-occupied an apartment with the shareholder of record for the required period, normally two years. A two-bedroom on the Upper East Side that costs $700 a month is something people will fight for and do many, many odd things to get. Mitchell-Lama apartments are highly, highly desirable, and people will do a lot to win a succession claim to a rent-subsidized apartment. And that’s where succession comes into play. In the unique world of Mitchell-Lamas, residents have the right to remain in the apartment after the shareholder passes or surrenders tenancy. In a private-market co-op, that’s dictated by state laws and whether the co-op wants to let the family take over. In limited-dividend co-ops, which include Mitchell-Lamas, you have the issue of what happens to an apartment when a shareholder passes or gives up their tenancy. When do succession rights come into play, and how are they different from inheritance? Some apartments are more highly prized than others, and this is especially true at Mitchell-Lama buildings when it comes to succession rights. Habitat Magazine - November 2021 Succession Rights: Fight-Worthy: Who Can Inherit A Mitchell-Lama Apartment?
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |