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According to the NYC tax benefit breakdown letter/coop tax benefits report, buildings are required to credit the units for the credits provided. What do you do if the unit has been sold? Is the money still supposed to go to the unit (new owner), sent to the previous owner, or returned to the City? Does anyone see the attorneys making any adjustments at sale closings for these $$?
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The laws are somewhat vague.
First, the credits are attached to the unit/shares, even if the unit is sold.
Second, depending on when the unit is sold, a shareholder can request that those credits be applied to his account. (i.e Mr Smith sells and closes his unit late May 2015 - Mr Smith should be able to request that the credits be applied on closing day since the credits must be applied not later than June by law)
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