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Commentary of Value to Property Managers Korn's Kernels! Important NYC Dept of Finance changes for Co-op and Condominium Property ManagersEach year property managers of cooperative corporations, as the real estate owners, but not condominium property managers, have had to file an Abatement Report with New York City’s Department of Finance (“DOF”) to notes changes in ownership and qualification so that resident owners whose primary residences are in co-ops can qualify for the Cooperative and Condominium Tax Abatement Program. The Abatement Program provides an important tax break for owners of a primary residence. Up until this year, Property Managers of condominiums did not have to file. Unit owners, as the direct owners of their real estate, were required to file directly. That has now changed!Starting in 2017 and due on February 15th, there are 2 significant changes that Korn’s Kernels wants to make sure Property Managers know:All filings must now be on line. The DOF has sent letters to all the Property Managers with the data the DOF has on the residents within the Property Manager’s respective co-ops and condos.Condominium Property Managers must now file for the unit owners within the Condos they manage.As you know, the Abatement only is for qualified Primary Residents. That means that Limited Liability Corporations (“LLC’s”), Trusts (with some exceptions where the beneficiary is the primary resident) or other similar entities, including HDFC’s, Mitchell-Lama, and/or buildings receiving a tax incentive (such as a J-51 or 421a) do NOT qualify. Basically, only individuals qualify. Please note that the filing due date is February 15th, for the 2016-2017 tax year and, applies to changes in ownership from January 5, 2016 through January 4, 2017.While the official answer to a change in ownership and qualification either is a Yes or No, it was suggested that an answer of “No Response” – for residents that don’t respond, may protect Property Managers, as the DOF will record the response as a No (not qualified).The Barrett Capital Group provides lending, leasing and advisory services. Barrett Capital Corporation is a specialty finance company offering real estate and corporate financing, particularly lines of credit, co-op underlying mortgages, and condominium association loans. In addition, we focus on construction/bridge financing and funding energy efficiency projects for our own account. We are a “Lender Partner” with the New York City’s Retrofit Accelerator and a Participating Lender with NYSERDA, in connection with the Green Jobs Green NY (GJGNY) Financing Program and incentive financing. We maintain strategic relationships with a number of bank and non-bank lenders, private equity sources and consultants so as to offer a complete range of banking options, with competitive pricing for our clients, including difficult to finance projects. For additional background information, please visit our website: . To check current US Treasury Interest Rates, go to the Real Estate/Co-op page. Please scroll down to lower right for a link. Since 1986. Barrett Capital - “Think Outside the Bank”.Barrett Green Management LLC offers energy efficiency products and services including facilitation, consulting, and implementation assistance. Barrett Green specializes in LED lighting retrofits, master/submetering projects, co-generation, solar, reduction in electric use, and fuel, gas and water savings. Our diligent and creative team has more than 25 years of experience, and provides customized solutions that gets results at a price you can afford, with no upfront costs. All incentives are passed on to you the customer. Because there are so many different elements involved, Barrett Green can become the central point of coordination of all these elements and can serve as an Owner’s Representative and/or Project Manager. For additional background information, please visit our website: . Barrett Green – “We Find You the Savings”.Best wishes for a successful and prosperous New Year and,Please check out our new barrettcapital page on Facebook for updates and “like us.”Barry P Korn, CFABarrett Capital Corporationbkorn@917-434-3000January 13, 2016 ................
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