Under City Program, Renters-Turned-Homeowners Could Become Renters Again
“But what began as a way to help renters own their homes became a challenge as many cooperatives struggled to keep up with taxes and utilities. Since 1997, the city has foreclosed on 74 cooperatives that fell behind in bills, according to data provided by the city’s Housing Preservation and Development agency. In 2015, the city began taking action on 111 co-ops as part of a roundup of hundreds of residential buildings that were in deep debt or disrepair.”