• Presently, HDFC cooperatives in New York City have no statutory or regulatory restrictions on HDFC resale prices. That policy could change soon. As the City's DAMP tax exemption to HDFCs to expire in 2029, the City is giving serious consideration to created reforms that controls resale prices on HDFCs
  • The few HDFC corporations with price caps on resales are: 1) HDFCs organized under the Membership Corporation Law (MCL); 2) HDFCs with price caps added to their corporation by-laws; and 3) federally-funded HDFCs, organized the early seventies and regulated, until recently, by Department of Housing and Urban Development (HUD)


  • All HDFC cooperatives have income restrictions.
  • For HDFCs with no regulatory agreement with the City of New York, Section 576B, Article XI of the Private Housing Finance Law (PHFL) provides that: (maintenance + utilities) x 6 x 12 should be used to determine income restrictions.
  • For HDFCs with a regulatory agreement with the City of New York, the regulatory agreement establishes the income maximums at either 120% or 165% of the Area Median Income (AMI), though most incomes average around 80%AMI. The 2015 AMI, as determined by the federal government, for New York City is $63,700.
  • As special corporations, some argue, public purpose corporations, enacted by the State to address the needs of its low-income earners, we urge HDFC shareholders and officers to established income maximums more consistent with the federal government's definition of low-income earners as 60%, AMI, although that figure is 50% lower than the City's definition of low-income, it's more consistent with original intent and spirit of the HDFC law: to provide the housing for the State's low income earners.


  • federal government low-income maximum 60%AMI or $38,220
  • city government low-income maximums at 120%AMI and 165%AMI or $76,440 and $105,105
  • state government defines low-income as persons whose housing needs cannot be met by private enterprise
  • personal assets are not used to determine eligibility: this loophole allows persons with substantial cash assets to purchase HDFCs