8 C R Y D E R P O I N T IMPORTANT STAR INFORMATION OCTOBER 8 CRYDER POINT COURIER | OCTOBER 2013 | WWW.QUEENSCOURIER.COM Update: You may not have yet received your STAR code. We have been informed that NYC co-op shareholders may not receive them until early November. However we encourage you to try to register per the instructions below. If you have any questions, please schedule an appointment with Stacey in the Management office. What is the NYS Basic Star Credit Program? The Star program is a property tax credit which has been used in recent years at Cryder Point, as in many other coops, to offset operating costs. NYS is requiring everyone to register, even if you have registered in the past. Shareholders who do not benefit from STAR exemption will have to make up that sum out of pocket. Who is eligible for STAR tax credit? • Property owners, including co-op owners • The property must be your primary residence • Combined income of all owners and their spouses is $500,000 or less • Did not receive a residency-based tax benefit from another state. Re-registration for Shareholders Receiving Star Exemption: New legislation requires all co-op owners receiving a BASIC STAR exemption to re-register with the New York State Tax Department in order to receive the exemption in 2014 and subsequent years. This notice does not apply to shareholders receiving NYS ENHANCED STAR. How to re-register: By calling (518) 457-2036 Monday-Friday 8:30 am – 8:00 pm and on Saturday 9:00 am – 1:00 pm. On line http://www.tax.ny.gov/pit/property/star13/default. htm. Click register or search NYS STAR To re-register you will need: Your STAR code (NYS is mailing codes to all BASIC STAR recepients. You may also use the STAR code lookup at https://www8.tax.ny.gov/STRL/strStart The names and social security numbers (last 4 digits) for all owners of the property and spouses. Block # 4574 for the three buildings. Lot 41 for 162-01, 61 for 162-21, and 71 for 162-41. Confirm that the property is the primary residence of one of its owners (married couples with multiple residences may only claim one STAR exemption) Confirm that the combined income of the owners and their spouses who reside at the property does not exceed $500,000 Confirm that no resident owner received a residencybased tax benefit from another state. Senior Citizens applying for 2114-2115 Enhanced Star (one of the owners must be 65 by December 31, 2014 with 2012 income of $81,900 or less): If you are not registered for the ENHANCED STAR and meet the requirements above, you should apply for it now at the same time that you re-register for basic star. Enhanced Star credit is approximately $580. Shareholders not currently receiving Star Exemption Shareholders who do not receive BASIC STAR or ENHANCED STAR should check their eligibility and apply for the exemption(s) now. If you require assistance with any of the above, please contact Stacey Pankavich at 718 767-5003. She will schedule a time and date to provide you with the assistance you need. BY MELISSA CHAN A proposed federal law that would bring disaster aid to co-op and condo communities has not come any closer to being passed nearly one year after Sandy. “It just doesn’t make sense,” said Warren Schreiber, president of the Bay Terrace Community Alliance. “It’s just prolonging the financial hardship on co-ops. Right now, we’re stuck footing the bill for cleanup and repair from the storm, and I don’t think this will be the last storm.” Schreiber said his northeast Queens co-op expects to shell out up to $60,000 in repairs not covered by insurance. More than $250,000 in infrastructure damage was sustained nearby in the Glen Oaks Village co-op, according to its president, Bob Friedrich. The bill exceeds $1 million for some Rockaway co-ops in the most hard-hit areas of Queens. The Breezy Point Cooperative, which saw about 350 homes in the beach community decimated by fire and flood, has spent $1.5 million out of the coop’s reserves and contingency funds to get back on its feet, according to Arthur Lighthall, the co-op’s general manager. “We had to do a good amount of repair and restoration to get things back in order,” including getting the water supply back and fixing sidewalks, Lighthall said. “The bottom line is it’s us, the shareholders, who have to pay for it.” The pricey repair costs fall on the shoulders of co-op and condo communities due to a glitch in the law keeping them from getting FEMA storm recovery grants, local leaders said. The Stafford Act, which governs how FEMA responds to major disasters, does not include the word “co-op,” according to Congressmember Steve Israel. However, there is no statute that bans co-op owners from being eligible for grants, a privilege given to homeowners. Co-op and condos are also categorized as “business associations,” which makes them eligible for federal loans but not grants. It also means they cannot get funds to fix shared spaces like lobbies and roofs. Israel introduced legislation this August that would better define co-ops in the Stafford Act, allow co-op and condo owners to apply for FEMA grants, and call for a new cap on FEMA’s Individual and Households Program. The bipartisan bill has at least 14 cosponsors so far but currently sits in a subcommittee on the House’s Committee on Transportation and Infrastructure, according to Israel’s office. An aide to the congressmember said any movement of the bill was delayed by the partial government shutdown, which lasted 16 days in October. “It’s been a year since Superstorm Sandy hit, and it’s time for co-op and condo associations to get the help they deserve,” Israel said. “Although I’ll continue to fight my hardest, it’s frustrating that this bill hasn’t been passed so these homeowners can receive the vital assistance they deserve.” The City Council unanimously passed a resolution, which is only a formal position statement, last month calling for Congress to enact the law. “It really shouldn’t be that difficult,” Schreiber said. “I just find it so disappointing that we have a Congress that can’t even get together on changing one line of text that will benefit constituents on the East Coast, West Coast and middle of the country.” Arthur Lighthall of the Breezy Point Cooperative said the beach community suffered $1.5 million in damages. CO-OPS, CONDOS STILL IN THE LURCH THE COURIER/Photo by Melissa Chan
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