Pictured from left: Realtor Robert Shandley, HGAR Government Affairs Director Philip Weiden, BHGRE Choice Realty Principal Broker & Former HGAR President Barry Kramer, BHGRE Choice Realty Principal Broker John Crittenden, HGAR CEO Richard Haggerty and HGAR President-elect Anthony Domathoti.
The Westchester Board of Legislators approved a measure effective August 1, 2021 to require co-op boards to provide written notice of a reason for rejection when a prospective buyer’s application is declined.
Co-ops have wide-ranging discretion in choosing who to approve and why. Applicants can be rejected for anything from financial reasons to the belief that the applicant would be a bad neighbor. However, under fair housing laws, applicants cannot be rejected on the basis of any of the protected classes under Federal, State, County and Local Laws.
The new legislation also requires co-ops to inform prospective buyers of their co-op’s minimum financial requirements, and requires fair housing training for co-op board members. It also mandates a decision in less than 60 days or the co-op could face fines. The law will go into effect August 1st.
We are pleased to have been strong advocates for this legislation and are hopeful that it will have a meaningful impact for buyers and sellers.
You can view the final version of the amended bill click here.