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A flip tax is a fee paid by a seller or buyer on a housing co-op transaction, typically in New York City.It is not a tax and is not deductible as a property tax.It is a transfer fee, payable upon the sale of an apartment to the co-op.
Under this law, the city of New York is able to sell buildings directly to tenant or community groups to provide low-income housing. Many HDFCs were created through a process of co-op conversion of a foreclosed, city-owned property. As of 2008, over 1,000 HDFC cooperatives have been developed in the city.
Cooperative corporations are formed to provide some mutual benefit for their members, and because of this, the Congress of the United States beginning in 1951 has allowed them a deduction from their income for "patronage dividends."
Apartment buildings and multiple-family housing make up a more significant share of the housing stock in the New York City area than in most other U.S. cities as over 75% of apartment buildings in NYC are co-ops. Reasons suggested to explain why cooperatives are relatively more common than condominiums in the New York City area are: [38]
Lindsay Park is a housing cooperative located in the East Williamsburg neighborhood of Brooklyn in New York City. The cooperative is part of the Mitchell-Lama Housing Program, through which the state of New York grants it tax exemptions to maintain affordability. [1] With 2702 units, it is the largest Mitchell-Lama co-op in Brooklyn.
Dixie Chicks singer Natalie Maines is feathering a new nest in New York City. Maines, a Texas native, and her husband, actor Adrian Pasdar ("Heroes"), are paying around $4.3 million for a four ...
Amalgamated Dwellings (1930), in Cooperative Village, Lower East Side of Manhattan, New York City, 236 units; Hillman Housing Corporation (1947–1950), in Cooperative Village, 807 units; Under the Housing Development Fund Corporation. 566 W. 159th Street, Washington Heights; 1007-09 E. 174th Street, the Bronx; Lenox Court, East Harlem
The law mandated that the Department of Defense submit a plan “to use, transfer, or donate to States on the southern border of the United States all covered materials” within 75 days of the ...