ARCHIVE SEARCH RESULTS

Co-op and condo boards are strategizing ways to make composting convenient and hygienic for residents, as a new mandate requires buildings to separate compostable items from trash or face fines. (Print: Carrots and Sticks: Strategies for Composting Success)

Boards must decide on the right amount for holiday bonuses, taking into account the salaries of supers, doormen, concierges, and porters, as well as individual cash tips from shareholders and unit-owners. (Print: Handling Holiday Bonuses)

New York City is requiring all residential buildings to install natural gas sensors by May 1, 2025, in order to detect leaks early, but the lack of choice on the devices and the cost of installation is causing frustration among boards. (Print: The New Gas Sensor Mandate: Another Compliance Headache)

Boards can use New York State's annual Cooperative and Condominium Tax Abatement, negotiate contractor financing, and impose a capital-contribution requirement to build reserve funds and avoid special assessments. (Print: Raising Funds: Three Ways To Think Out Of The Box)

Co-op and condo boards are turning to heat pump technology to upgrade their buildings' energy profile, saving energy costs, reducing carbon emissions, and allowing residents to better control heating and cooling in their own apartments. (Print: Three Paths To Electrification)

Building disasters can be prevented by instant notification, paying living expenses for those who vacate, and securing a mortgage forbearance, as demonstrated by the experiences of the Mona Lisa co-op in Yonkers and the Crown Heights co-op. (Print: In Case of Emergency)

Assessments are a necessary tool for boards to fund capital improvements, and can be spread over longer periods of time to make them more manageable for shareholders or unit-owners. (Print: Assessments: Dealing with the Inevitable)

Co-ops and condos should have a formal policy in place regarding pet ownership, which can include the number and types of pets allowed, as well as guidelines on acceptable behavior and enforcement of the pet policy. (Print: Animal Control)

Requiring shareholders and unit-owners to have insurance can help protect boards from liability and litigation, as well as punishing premium increases, and can be done through an amendment to the governing documents. (Print: Passing the Buck)

The Inflation Reduction Act provides financial incentives to help co-ops and condos fund electrification projects, including tax credits, direct payments, and the sale of credits to third-party investors. (Print: Tackling the Tax Credits)