Olympus Garden Club

60/40 HDFC flip tax (resale policy)

Posted in: Manhattan NY

We the tenants now shareholders bougth 409 Edgecombe Ave from HPD in May of 1995. The 60/40 flip tax requiredment was dropped by HPD in April of 1995. Why are we still reqired to pay this flip tax? We held our flip tax money in escrow for over 10 years based on the fact the city would make the necessary changes in nullifying 60/40. Now the city wants the flip tax funds back meanwhile, we need the money to use on major capital projects. (new elevator , Water Pentration Project , Electrical Upgrades, Local Law 11) 

Is anyone in the same boat?  Please let me know and if so what are you doing about it?

  • Stock
  • nychdfc
  • Valued Neighbor
  • USA
  • 3 Posts
  • Respect-O-Meter: Valued Neighbor

We might be able to answer that question but we will need more information about your HDFC. Feel free to contact us at info@nychdfc.org or call 212 471 0484. Additionally, our organization might be able to provide funding for moderate renovation and building improvements and upgrades. G. C. Baggett, NYC HDFC 

 

 

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