Fifty years ago, the City of New York sought a solution to the multitude of abandoned residential housing structures in the borough, and created the Housing Development Fund Corporation (HDFC). Under the City’s management these dwellings were rehabilitated, and over time, gave tenants the opportunity to own their apartments. In recent years, the HDFC has financed and provided tax exemptions for new construction, rehabilitation, and the stabilization of HDFC Co-Ops in New York. Due to concerted efforts, there are now over 1,100 HDFC Co-Ops in NYC, which comprise a sizable percentage of the affordable housing stock in Manhattan. And currently, there are over 25,000 low-income households living in this affordable housing solution across the Bronx, Brooklyn, Manhattan, and Queens.
An HDFC Co-Op in NYC can take many forms, from high-rises, to multifamily units. What each has in common is their form of ownership, which is different from the ownership requirements for condominium and single-family housing. In addition to lower real estate taxes, there are income and resale restrictions and a host of proprietary governance restrictions that must be regulated. As HDFC Board Members and Property Managers are involved in the day-to-day operations of housing stock, an unforeseen event, such as property damage, can create an interruption in services, as well as divert their focus from their core business goals. Partnering with a leading public adjuster, United Public Adjusters & Appraisers, can accomplish many objectives, including an optimal outcome for any HDFC property damage claim.
To begin, the United Public Adjusters & Appraisers’ team is highly experienced and understands the bylaws, legal compliance, and regulatory restrictions that are placed on a HDFC Co-Op in New York. If we are involved at the onset of a property damage claim, we will review your policy/policies, then fully assess and document the damages/losses. Our construction analysts can note hidden and potential damages that are not immediately evident. We can provide guidance in the preparation and submission of your claim with your insurance carrier. Next, we can take responsibility to monitor your claim processing and negotiate with your carrier to bring about a just settlement offer. This amount will be the highest that your policy allows and one that addresses the true costs to repair/replace damages/asset losses. Additionally, reconstruction/repair/renovation/replacement estimates will be fully compliant with any and all mandated regulations.
HDFC Boards have obligations to future as well as to current tenants, in that each unit must maintain its value to future low-income users. A partnership with United Public Adjusters & Appraisers ensures that the integrity of a damaged structure or unit will be fully resolved as well as no potential damages as a result of a single event, nor a regulation, will be overlooked. For the peace-of-mind and attention to detail that is requisite when submitting a property damage claim for a HDFC Co-Op in New York, you can rely on our dedication, experience, and expertise.
To learn more, we invite you to schedule a confidential consultation with the United Public Adjusters & Appraisers’ team today.
