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News / 07.03.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

LATEST COVID-19 DEVELOPMENTS: NEW LAWS REGARDING EVICTIONS AND FORECLOSURES; PPP PROGRAM EXTENDED; Q&A ON REOPENING ISSUES

NEW LAWS REGARDING EVICTIONS AND FORECLOSURES; PPP PROGRAM EXTENDED; Q&A ON REOPENING ISSUES MORATORIUM ON RESIDENTIAL NON-PAYMENT EVICTIONS EXTENDED INDEFINITELY.  Last night Governor Cuomo signed the “Tenant Safe Harbor Act”, which bans issuance of a warrant of eviction against a residential tenant or other lawful occupant who has suffered a “financial hardship” during the “COVID-19 …

News / 05.28.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

COVID-19: Guidelines for Reopening Buildings

Guidelines for Reopening Buildings The pressure to relax the guidelines for access to condominium and cooperative buildings, including their common facilities, has been growing. Boards need to develop a plan for handling the increased risks that come with increased traffic within the premises and social interaction among owners. The following assumes that you have guidelines …

News / 05.11.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: EXECUTIVE ORDER RE SECURITY DEPOSITS AND EVICTIONS; PPP SAFE HARBOR EXTENSION; SAFE CONSTRUCTION PRACTICES; ARE YOU PREPARED FOR LOOSENED RESTRICTIONS?

Executive Order Allows Use of Security Deposits for Rent, Extends Moratorium on Evictions and Foreclosures. On May 7th Governor Cuomo issued Executive Order 202.28, which provides in part that (i) residential landlords and tenants can agree with each other to use security deposits to pay rent arrears; (ii) requires landlords to use a security deposit …

News / 05.05.20 /Eric P. Blaha,Jeffrey D. Buss,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP UPDATE; GLIMMERS OF HOPE FOR “BUSINESS INTERRUPTION” COVERAGE?

More Fun with PPP. The scramble by cooperatives and condominiums for a definitive decision about eligibility for Paycheck Protection Program loans has generated further confusion. The list of Frequently Asked Questions published by the SBA on April 24th included this one: “35. Question: Are agricultural and other forms of cooperatives eligible to receive PPP loans? …

News / 04.23.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: The latest on PPP Eligibility for Co-ops and Condos; Handling Visitation Issues during the Lockdown; Sales and Closings in the Virtual Market

Latest on PPP Eligibility for Co-ops and Condos. The SBA still hasn’t changed its official position under its “Interim Rule” that cooperatives are not eligible for the PPP. However, we have spoken with the managers for at least two cooperatives (one in NYC and one in Virginia, which also treats its co-ops as business corporations) …

News / 04.16.20 /Eric P. BlahaandKenneth R. Jacobs

Coronavirus: CONDUCTING EFFECTIVE “VIRTUAL” ANNUAL MEETINGS

Spring Annual Meeting Season is Here! But how can associations run effective meetings without owners being physically present to participate? Even though “social distancing” seems to be slowing the spread of COVID-19, we expect that Governor Cuomo will extend the portions of Executive Order 202.8 that suspend longstanding legal requirements that ownership meetings must be …

News / 04.08.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP AND CONDO ELIGIBILITY FOR PPP UNDER REVIEW IN WASHINGTON, D.C.

On April 7th, one of our professional colleagues sent a well-worded request to the New York District Office for an “interpretation” of the SBA rules that initially denied eligibility to cooperatives and condominiums for loans under the Paycheck Protection Program (“PPP”). We are advised that their letter has been “kicked upstairs” to SBA headquarters in …

News / 04.04.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: CO-OP ELIGIBILITY FOR PPP LOANS QUESTIONED BY SBA. DOES A PPP LOAN MAKE SENSE FOR YOU?

A. SBA Questions Co-op Eligibility. In our earlier E-blast, we suggested that the SBA might take the position that Co-ops might not be eligible for PPP loans. So far that appears to be the case. The SBA appears to be basing its position on portions of its “Standard Operating Procedure” handbook for loans to businesses, …

News / 04.03.20 /Eric P. Blaha,Kenneth R. Jacobs,Emanuela Lupu-Ferrante,Thomas W. SmithandDomenick J. Tammaro

Coronavirus: PPP FEVER- NEW APPLICATION FORMS!

PPP applications were made available on Tuesday night. By Wednesday, approved SBA lenders were overwhelmed with requests for assistance. This morning, Treasury issued new application forms that are completely different from the old ones! [CLICK HERE FOR APPLICATION] Meanwhile, we are getting the following feedback from lenders and asset managers: 1. They will give first …

News / 02.25.20 /Eric P. Blaha

NYS’s Latest “Guidance” Raises New Concerns Under the Tenant Protection Act

For real estate owners, managers and brokers seeking to make sense of (and engage in damage control from) the Housing Stability and Tenant Protection Act of 2019 (“TPA”) passed nearly 8 months ago, the clarity provided by the NY Department of State in its latest “Guidance for Real Estate Professionals” issued on January 31, 2020, …

News / 11.15.19 /Eric P. Blaha

New Law Allowing Remote Shareholder Attendance and Electronic Voting May Change … Everything!

Low attendance at Co-op annual or special shareholder meetings can result in a lack of a quorum and can delay or even prevent boards of directors from taking actions that require shareholder approval.  Thus, co-op boards and shareholders alike may welcome a new law authorizing boards to permit remote shareholder attendance and electronic voting at …

News / 10.17.19 /Eric P. Blaha

Are Boards Always Protected by the “Business Judgment” Rule?

New board  members  in New York quickly learn that most of their decisions are protected under the “business judgment rule,” which states a court should defer to a co-op [or condo] board’s determination so long as the board is acting “for the purposes of the cooperative, within the scope of its authority, and in good …