Cooperative Project Questionnaire, draft
SAMPLE - FICTIONAL COMMUNITY
Larkfield Terrace Owners Corp., Queens, NY (84 units)
Draft prepared from association-provided data for the management company's review and signature. The management company is the preparer and signer of record. Informational only: no legal advice, no statutory interpretation. Every package is checked against the agency requirements before delivery.
The questionnaire body is completed exactly as it is on the clean example, from this building’s own documents. What follows is the review it received.
Review
FINDINGS 48 pass, 2 to resolve
The 2 items that came back
- Underlying mortgage balloon terms. balloon 1: 2 months remaining, under the 3-month minimum, with neither secured refinance terms nor a payoff before maturity
- Proprietary lease term. proprietary lease expires 2041-06-30, BEFORE the stated share loan maturity 2056-08-01, per Proprietary lease dated 1988, as amended 2016 (fictional); the term is written to run one month past the ground lease; the occupancy right must extend at least to maturity
Every check, all 60 of them, with its result and the rule it comes from
| Check | Result | What the review found | Rule |
|---|---|---|---|
| FIN-01-RESERVE-PCT Reserve allocation percentage |
N/A | condo-only standard, switched off for a cooperative file: the 10% and 15% replacement reserve floors are condo Full Review requirements. A co-op is tested on adequate replacement and operating reserves plus the audited cash-flow rules (COOP-10-CASH-FLOW), not on a percentage of assessment income, and LL-2026-03 does not reach co-ops | B4-2.2 Full Review Process (08/05/2026) [verified]; 15% floor: LL-2026-03 (2026-03-18), applications on or after 2027-01-04 [verified; also Freddie Bulletin 2026-C and 5701.5 (01/04/27 version)] |
| FIN-02-RESERVE-STUDY Reserve study substitute |
N/A | condo-only standard, switched off for a cooperative file: the reserve-study substitution rules and the baseline-funding ban are condo Full Review requirements; a co-op has no percentage test for a study to substitute for (COOP-10-CASH-FLOW) | B4-2.2 Full Review Process (08/05/2026) [verified]; highest-recommendation funding and baseline-funding ban, applications on or after 2026-08-03 [verified: LL-2026-03; Freddie 5701.5(d) (08/03/26 version)] |
| FIN-03-DELINQ-REGULAR Delinquency, regular assessments |
PASS | 6 of 84 units (7.1%) 60+ days past due on regular assessments; limit 15% | B4-2.2 Full Review Process (08/05/2026) [verified] |
| FIN-04-DELINQ-SPECIAL Delinquency, special assessments |
PASS | no special assessments on file; the special-assessment delinquency test is not applicable | B4-2.2 Full Review Process (08/05/2026) [verified] |
| FIN-05-BUDGET-ADEQUACY Budget adequacy |
PASS | assessments established ($2,419,200 budgeted) with a named replacement-reserve line ($145,000); reserve floor graded in FIN-01; qualitative items to confirm: budget consistent with the nature of the project, line items appropriate to project type and status, adequate funding for insurance deductibles (no formula in the Guide) | B4-2.2-02 Full Review Eligibility Requirements (June 3, 2026 guide): budget 'is adequate (that is, it includes allocations for line items pertinent to the type of condo project)' [verified primary]; Freddie 5701.5(b) / 5701.6(c) [verified primary] |
| FIN-06-RESERVE-DENOMINATOR Reserve denominator, checked again |
N/A | condo-only standard, switched off for a cooperative file: the reserve percentage and its denominator are condo Full Review arithmetic; nothing in a co-op file divides by assessment income | B4-2.2-02 Full Review Process (04/02/2025, June 3 2026 guide): reserve calculation and its exclusion list (incidental, pass-through utilities, reserve-allocated, special-assessment income) [verified primary]; Freddie 5701.5(b)5 [verified]; condo-approval.com 2025-11-18 |
| FIN-07-DELINQ-NORMALIZER Delinquency ledger normalizer |
PASS | ledger 6 of 84 units (7.1%) minus 0 post-transfer stale entries = 6 of 84 units (7.1%) reconciled; aging basis 60 days; ledger and reconciled figures sit on the same side of the 15% limit | B4-2.2 Full Review Process (08/05/2026): 15% of units 60+ days past due [verified]; unit counts, never dollars; REO ledger drift [estimate], 60+ aging basis [verified threshold]; note: special assessments are tested separately (FIN-04), not blended into this count |
| OCC-01-OCCUPANCY Owner-occupancy concentration |
N/A | condo-only standard, switched off for a cooperative file: co-op occupancy is reported on a seven-bucket grid that separates sponsor from investor and market rent from regulated rent, because the New York sponsor carve-out turns on that split (COOP-19-OCCUPANCY) | LL-2026-03 (2026-03-18), 'Retirement of investor concentration limits', effective immediately [verified]; condotel red flag: B4-2.1-03 (08/05/2026) [verified] |
| OWN-01-SINGLE-ENTITY Single-entity ownership limit |
N/A | condo-only standard, switched off for a cooperative file: co-op concentration is measured in SHARES against a flat 20% limit with no small-project tier and with the New York rent-regulated sponsor carve-out (COOP-13-SPONSOR-CONCENTRATION) | B4-2.1-03 Single-Entity Ownership (June 3, 2026 guide) [verified primary: limits, lease-arrangement inclusion, exclusions, purchase waiver; HOA owned-and-rented units count per the Non-Incidental Business Arrangements text]; Freddie 5701.3(j) diverges (25% at 21+ units) |
| OWN-02-REO-OWNER-OF-RECORD REO / lender-held owner-of-record |
PASS | no REO / lender-held / association-foreclosure holdings reported | B4-2.1-03 Single-Entity Ownership (June 3 2026 guide) [verified: the exclusion list has no REO/lender entry, so bank- and association-held units count like any owner]; owner-of-record and date-acquired identification [verified form instructions] |
| NEW-01-PRESALE New-project presale and completion |
N/A | condo-only standard, switched off for a cooperative file: the condo presale test and the established-project definition have no co-op counterpart. A co-op is tested on stock or shares sold and conveyed to PRINCIPAL RESIDENCE purchasers, which is a different basis and admits no second-home category (COOP-12-SOLD-CONVEYED) | B4-2.2 additional requirements, new/newly converted projects (08/05/2026) [verified] |
| LEGAL-01-PHASING-MASTER Legal phasing and master association |
PASS | completion answered from Certificate of incorporation (1987) and by-laws as amended through 2016 (fictional); no phases or annexation rights reserved; no annexation rights reserved; not part of a master association | B4-2.1-01 established definition: no additional phasing/annexation [verified]; B4-2.2-03 phased-project guidance and the LL-2026-03 5-10-unit waiver master-association condition [verified rules; budget-blending failure mode estimate]; denominator conventions |
| LEGAL-02-ROFR Right of first refusal |
N/A | condo-only standard, switched off for a cooperative file: a cooperative's transfer approval and first-refusal rights are ordinary and are tested through the recognition agreement (COOP-08) rather than as a project defect | B4-2.2-03 Limitations on Ability to Sell/Right of First Refusal (08/05/2026) [verified 2026-08-14]; risk framing B4-2.1-01 |
| CHAR-01-COMMERCIAL Commercial space share |
PASS | non-residential (commercial 2,400) = 2,400 sq ft of 94,000 total (2.6%); limit 35% | B4-2.1-03 (08/05/2026) [verified] |
| CHAR-02-CONDOTEL Hotel/condotel operations |
PASS | no hotel-type operations reported | B4-2.1-03 (08/05/2026) [verified] |
| CHAR-03-INELIGIBLE-TYPES Ineligible project types |
PASS | no ineligible project type reported; non-incidental business income owned by the association is a condo-column standard in B4-2.1-03 and is not tested on a co-op file (commercial space is still tested, CHAR-01; facilities leased to or by the corporation are COOP-16-LAND-LEASE) | B4-2.1-03 (08/05/2026) [verified] |
| CHAR-04-PRIORITY-LIEN Priority lien exposure |
N/A | condo-only standard, switched off for a cooperative file: the co-op column of the ineligible-projects table is blank on the priority-lien row. Co-op lien position is a different question, handled by subordination custom and the recognition agreement (COOP-08-RECOGNITION), not by a months-of-assessments cap | B4-2.1-01 (08/05/2026) [verified] |
| LIT-01-DISQUALIFYING Litigation disqualification screen |
PASS | no pending litigation reported | B4-2.1-03 (08/05/2026) [verified] |
| LIT-02-CLASSIFICATION Litigation carve-out classification |
PASS | no pending litigation to classify | B4-2.1-03 (08/05/2026) [verified] |
| LIT-03-COMPLETENESS Litigation intake completeness |
PASS | no pending matters to itemize | B4-2.1-03 litigation carve-outs [verified]; Freddie 5701.3(i) expressly extends the screen to arbitration/mediation [verified]; bare yes/no wrong in both directions; JustAnswer mediation thread [self-reported] |
| COND-01-CRITICAL-REPAIRS Critical repairs / deferred maintenance |
PASS | no critical repairs or significant deferred maintenance reported, and unfunded 12-month repairs are $0 per unit (limit $10,000) | B4-2.1-03 (08/05/2026) [verified] |
| COND-02-EVACUATION Evacuation order |
PASS | no evacuation order | B4-2.1-03 (08/05/2026) [verified] |
| COND-03-SA-REMEDIATION Special assessment remediation |
PASS | no special assessments on file | B4-2.1-03 (08/05/2026) [verified] |
| COND-04-INSPECTION Inspection report screen |
PASS | inspection dated 2026-03-11 (within 3 years): no critical repairs needed, no evacuation orders, no outstanding regulatory actions | B4-2.1-03 (08/05/2026) [verified] |
| COND-05-SA-PURPOSE Special assessment purpose consistency |
PASS | no special assessments on file | B4-2.1-03 critical repairs / special assessments [verified]; Freddie 5701.3(n): purpose, approval date, original amount, amount remaining, expected payoff for every current and planned assessment [verified]; KSN Law 2024-2025; MEEB: attach the engineer report rather than characterizing it |
| INS-01-PROPERTY Master property coverage |
PASS | coverage $32,800,000 equals or exceeds 100% of estimated replacement cost $32,800,000 per insurer replacement-cost valuation dated 2026-01-22; Special form; replacement-cost loss settlement (roof may be non-RCV) | B7-3-03 (fetched 2026-08-11) [verified] |
| INS-02-DEDUCTIBLES Deductibles |
PASS | per-occurrence deductible $100,000 is 0.3% of coverage (limit 5%); per-unit deductible $25,000 (cap $50,000, applications on or after 2026-07-01); borrower HO-6 noted: must cover at least the greater of interior-restoration cost or the per-unit deductible (LL-2026-03) | B7-3-03 (fetched 2026-08-11) [cap verified]; $50,000 cap and the 2026-07-01 application-date trigger [verified: LL-2026-03 pp. 5-6]; pre-2026-07-01 standard: B7-3-03 (02/07/2024 version, June 3 2026 guide) [verified primary] |
| INS-03-ENDORSEMENTS Endorsements and boiler |
PASS | trustee recognition, subrogation waiver, and master-primary confirmed; building-ordinance coverage in place; boiler and machinery $2,000,000 meets the lesser of $2M or replacement cost | B7-3-03 (fetched 2026-08-11) [verified] |
| INS-04-FLOOD Flood coverage |
PASS | project not in a Special Flood Hazard Area; flood coverage not triggered (B7-3-06 also triggers on CBRS/OPA locations, which the form does not ask; note on the flood determination if applicable) | B7-3-06 Requirements for Project Developments and Deductible Requirements (02/07/2024, June 3 2026 guide) [verified primary] |
| INS-05-LIABILITY Liability coverage |
PASS | liability coverage $1,000,000 meets the B7-4-01 minimum of $1,000,000 per single occurrence; confirm on the evidence of insurance: severability of interests / separation of insureds (or the specific endorsement), coverage of HOA-owned commercial spaces and common-element operations, HOA as named insured with premiums a common expense | B7-4-01 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03 |
| INS-06-FIDELITY Fidelity/crime coverage |
PASS | fidelity/crime coverage $650,000 meets the B7-4-02 minimum of $604,800 (three months of assessments on all units ($2,419,200 x 3/12 = $604,800; financial controls adhered to)); policy covers the management agent's acts | B7-4-02 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03 |
| INS-07-PERIL-DEDUCTIBLES Per-peril deductible schedule |
PASS | 2 layer(s) transcribed with peril, basis, application, and source: (1) all other perils: $100,000 = 0.3% of coverage; (2) windstorm and hail: $25,000 per unit | B7-3-03 Deductible Requirements [verified: 5% of coverage per occurrence, multiple deductibles combine (02/07/2024 version); $50,000 per-unit cap for applications on or after 2026-07-01 (LL-2026-03)]; transcription integrity: peril + basis + application, never a conversion worked out from another figure; exactly-5% base verification; calendar-year hurricane basis per MyFloridaCFO [self-reported] |
| INS-08-DEDUCTIBLE-BUYBACK Deductible buy-back disclosure |
PASS | no deductible buy-back layers reported; base deductibles govern (INS-02, INS-07) | B7-3-03 buy-back note (02/07/2024) [verified: acceptable 'provided the policy meets all other property insurance requirements in Chapter B7-3, including insurer rating requirements']; present master deductible, buy-back layer, and net effective; never only the net [self-reported: Merlin Law Group] |
| INS-09-CARRIER-ELIGIBILITY Carrier eligibility and FAIR-plan conditionality |
PASS | master carrier Hudson Meridian Mutual Insurance Company (fictional): AM Best A- meets B7-3-01 | B7-3-01 (fetched 2026-08-11) [verified: rating test - any one of AM Best B, Demotech A, S&P BBB, KBRA BBB; FAIR/windstorm-pool policies accepted only 'if they are the only coverage that can be obtained at the time of the loan closing or policy renewal']; layered placements screen every participant [self-reported: CondoTek/MGIC 1/15/25] |
| INS-10-LOSS-SETTLEMENT Loss-settlement sweep |
PASS | replacement-cost settlement throughout, roof included; no ACV carve-outs to disclose | B7-3-03 with LL-2026-03 [verified: replacement-cost loss settlement required, roofs excepted - roofs must be insured but need not be RCV; ACV acceptable on personal property and certain non-building elements]; HO-6 gap logic: LL-2026-03 HO-6 rules [verified] and PennyMac 26-76 |
| INS-11-RCV-EVIDENCE Replacement-cost evidence and coinsurance |
PASS | evidence: insurer replacement-cost valuation dated 2026-01-22, dated 2026-01-22 (203 days before application); no coinsurance clause | B7-3-03 acceptable replacement-cost evidence list (guaranteed RC, extended RC, insurer RCV valuation, insurance risk appraisal, qualified statement) [verified: LL-2026-03]; agreed-amount/coinsurance reading and the 12-month FL binding practice: FSResidential 2026 [self-reported]; FL 36-month appraisal statute not fetched - age flags are warnings only; statutory interpretation is not statutes |
| PROV-01-PROVENANCE Answer provenance |
PASS | material answers sourced and dated: no assessments under discussion per board meeting minutes August 2025 through July 2026 reviewed; ground rent reset discussed, no special assessment proposed; financials per FY2026 operating budget adopted by the board 2025-12-03; lease terms per Proprietary lease para. 15 (fictional): no sublet under one year, board consent required | every material answer carries source document plus date; Eisenberg v. Phoenix Association Management (Mass. 2003) via MEEB [verified case, the one litigated loss]; CAMS 'DON'T GUESS' [self-reported] |
| PROC-01-CPM-STATUS CPM project status |
N/A | condo-only standard, switched off for a cooperative file: Condo Project Manager does not cover co-ops and has no co-op equivalent. PERS is the escalation path where one is needed (COOP-17-TYPE-AND-PERS); there is no directory status to check | CPM FAQ (July 2026) Q9 and Q18 plus B4-2.1-02 [verified] |
| PROC-02-CPM-CERT CPM certification currency |
N/A | condo-only standard, switched off for a cooperative file: no CPM certification exists for a co-op project, so there is none to keep unexpired (PROC-01-CPM-STATUS) | CPM FAQ (July 2026) Q9, unexpired certification in file [verified]; review age at note: one year established / 180 days new [verified primary: B4-2.1-01 Expiration for Project Reviews, June 3 2026 guide; Freddie 5701.2(a)(3)] |
| PROC-03-REGIME Review regime applicability |
PASS | application dated 2026-08-13: co-op project standards are B4-2.3 and were never part of the Limited Review regime, so nothing was retired for a co-op file. There is no long-form agency co-op questionnaire: Form 1074 is optional and two pages, so the package is answered on the lender's own form, plus the 1076A/476A addendum, which applies to cooperative projects by its own first line | B4-2.3 co-op project standards, unchanged by LL-2026-03 (2026-03-18), whose project-standards half is written for condo projects [verified primary: read end to end, the 9-page document uses 'cooperativ' nowhere and 'co-op' once, that one instance in the insurance half]; Form 1076A/476A applies to cooperative projects by its own first line [verified primary]; Freddie short form 477 retired by Bulletin 2021-38 (15 Dec 2021) [verified primary] |
| PROC-04-REGIME-ROUTER Application-date regime router |
PASS | application dated 2026-08-13 selects: per-unit deductible: $50,000 cap + HO-6 cure (on/after 2026-07-01); insurance: B7-3 and B7-4 apply in full, their own text reads 'the HOA or co-op corporation'; effective-immediately insurance items in force since 2026-03-18: inflation-guard retired, roof may settle ACV; project standards: B4-2.3, unchanged by LL-2026-03. The reserve floor (10% and the 15% from 2027-01-04), the Limited Review retirement, the reserve-study rules and the investor-concentration retirement are condo standards and are NOT applied to this file | LL-2026-03 (2026-03-18) split on a co-op file: its insurance half amends B7-3 and B7-4, whose text reads 'the HOA or co-op corporation' [verified primary: B7-3-03, B7-3-04, B7-4-01, all 08/05/2026], so it applies; its project-standards half is condo-only, so it does not |
| COOP-01-IRC-216 Section 216 cooperative housing corporation status |
PASS | the corporation states it qualifies under Section 216, per Corporation's accountant's statement in the 2025 audited financial statements, note 1 (Bellrose & Company CPAs, fictional); reported as the corporation's statement, not as our conclusion | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-02-TITLE Corporation holds title to the property |
PASS | the corporation holds title to the property including the dwelling units, per Deed to the improvements recorded 1988 and the title report dated 2026-05-30 (fictional): the corporation holds title to the building and the dwelling units; the land is held under the ground lease below | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-03-SHARES Share structure |
PASS | 190 shares allocated to the subject unit of 16,800 issued and outstanding = 1.1% | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-04-BLANKET-MORTGAGE Underlying / blanket mortgage |
PASS | lien 1: Harborline Savings Bank (fictional), position 1, mortgage, balance $9,000,000, payment $54,100/mo, rate 5.750% (fixed), remaining term 2 months, balloon Yes | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-05-BALLOON Underlying mortgage balloon terms |
FAIL | balloon 1: 2 months remaining, under the 3-month minimum, with neither secured refinance terms nor a payoff before maturity | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-06-PER-SHARE-DEBT Per-share project debt ratio |
PASS | $101,786 / ($101,786 + $298,000) = 25.5%, within the 35% limit | B4-2.3-03 Legal Requirements for Co-op Projects (11/06/2024) [verified primary, read 2026-08-13] |
| COOP-07-PROPRIETARY-LEASE Proprietary lease term |
FAIL | proprietary lease expires 2041-06-30, BEFORE the stated share loan maturity 2056-08-01, per Proprietary lease dated 1988, as amended 2016 (fictional); the term is written to run one month past the ground lease; the occupancy right must extend at least to maturity | B4-2.3-03 Legal Requirements for Co-op Projects (11/06/2024) [verified primary, read 2026-08-13] |
| COOP-08-RECOGNITION Recognition agreement |
PASS | the corporation executes a recognition agreement (Aztec form recognition agreement), per Board resolution 2016-02 (fictional): the corporation executes the customary form on each share loan closing; the form is recorded as a fact and is not read against the B4-2.3-03 provision list here | B4-2.3-03 Legal Requirements for Co-op Projects (11/06/2024) [verified primary, read 2026-08-13] |
| COOP-09-AUDITED-FINANCIALS Two years of audited financials |
PASS | 2 years on file: audited statements for 2024, 2025; corporate tax returns for 2024, 2025 | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-10-CASH-FLOW Corporate cash flow and reserve adequacy |
PASS | 0 consecutive year(s) of operating loss; no negative cash flow: audited net income $41,000 on revenue $2,540,000; replacement and operating reserves reported as adequate (2025 audited financial statements: $498,000 in the replacement reserve fund and $215,000 in operating reserves (fictional)) | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-11-SPONSOR-CASH-FLOW Sponsor-attributable negative cash flow |
PASS | no negative cash flow reported, so the sponsor conditions do not arise | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-12-SOLD-CONVEYED Shares sold and conveyed to principal residences |
PASS | 14,100 of 16,800 shares = 83.9% sold and conveyed to principal residence purchasers, at or above the 50% minimum | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-13-SPONSOR-CONCENTRATION Single-entity share concentration |
PASS | Larkfield Sponsor Associates LLC (fictional): 2,800 of 16,800 shares = 16.7%, within the 20% limit | B4-2.1-03 Ineligible Projects, co-op rows (08/05/2026) [verified primary, read 2026-08-13]; New York rent-regulated sponsor carve-out sits here since B4-2.3-05 was deleted by SEL-2025-06 (06 Aug 2025) |
| COOP-14-TAX-ABATEMENT Corporate real estate tax abatements |
PASS | J-51: $64,500 a year, expires 2028-06-30, escalation: benefit steps down 20% a year through expiry (fictional schedule) | Form 1074 Request For Cooperative Project Information (footer 'July 96') [verified primary, read 2026-08-13]; optional by its own instructions: 'We do not require the use of this form' |
| COOP-15-FLIP-TAX Flip tax / stock transfer fee |
PASS | flip tax reported (flat fee per share); the documents are reported as exempting the lender on foreclosure or transfer in lieu, per By-laws art. VIII as amended 2016 (fictional), which is the first of the routes the guide names. Transcribed from the documents; the eligibility conclusion is the lender's | B4-2.3-04 Loan Eligibility for Co-op Share Loans (08/06/2025) [verified primary, read 2026-08-13] |
| COOP-16-LAND-LEASE Land ownership and ground lease |
PASS | the corporation does NOT own the land: a leasehold estate subject to a ground lease (ground lease expires 2041-05-31, lessor Larkfield Land Associates LP (fictional, unrelated party), renewal terms: one 25-year renewal option exercisable by the corporation no later than 2039-05-31, at a ground rent reset to 6% of the then fair market value of the land as unimproved (fictional terms)), per Ground lease dated 1962, as assigned 1988 and amended 2004, and the title report dated 2026-05-30 (fictional). A ground lease alone is not disqualifying; the leasehold estate requirements then apply, and whether this particular lease is the permitted kind is a reading of the lease and belongs to the lender's counsel; the land and the improvements are not both leased to the corporation; no sponsor interest in the project real estate beyond unsold units; project facilities are leased to or by the corporation: the corporation leases its 22-space rear parking area to Larkfield Parking Services Inc. (fictional, unrelated party) under a commercial lease through 2029, reported as a commercial parking lease with an unrelated party, which the guide accepts | B4-2.1-03 Ineligible Projects, co-op rows (08/05/2026) [verified primary, read 2026-08-13]; New York rent-regulated sponsor carve-out sits here since B4-2.3-05 was deleted by SEL-2025-06 (06 Aug 2025) |
| COOP-17-TYPE-AND-PERS Co-op type and PERS routing |
PASS | not a limited equity or shared equity co-op; not a newly converted non-gut rehabilitation; offering plan on file: Offering plan accepted for filing by the New York Attorney General 1987 (fictional file CO-87-0000), amendments 1 through 4 through 1990, reported on its face; construing an offering plan or its amendments is not ours | B4-2.1-03 Ineligible Projects, co-op rows (08/05/2026) [verified primary, read 2026-08-13]; New York rent-regulated sponsor carve-out sits here since B4-2.3-05 was deleted by SEL-2025-06 (06 Aug 2025) |
| COOP-18-DELINQUENCY-BASIS Delinquency counting basis |
PASS | delinquency counted on the stated basis: owners more than 60 days past due, counted from the corporation's maintenance ledger as of 2026-08-01. The 15% limit is tested in FIN-03; Form 1074 asks the same question as two or more months delinquent, which is a different window from 60 days and is answered on the basis stated here | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-19-OCCUPANCY Occupancy grid |
PASS | 69 owner occupied, 8 sponsor held (1 vacant, 2 at market rent, 5 at regulated rent), 7 investor held (0 vacant, 4 at market rent, 3 at regulated rent), of 84 units; 8 under statutory rent regulation. Source: corporation's share register and the managing agent's occupancy schedule, reconciled 2026-08-01, as of 2026-08-01 | Form 1074 Request For Cooperative Project Information (footer 'July 96') [verified primary, read 2026-08-13]; optional by its own instructions: 'We do not require the use of this form' |