City official slams FEMA for denying aid to co-ops, condos

New York /
Sep.September 11, 2013 08:37 AM

A Queens city council member is bashing the federal government for not giving Sandy relief aid to the owners of condominiums and co-ops– and is lobbying for a policy change.

Peter Vallone Jr. will introduce a measure this week urging the Federal Emergency Management Agency to reclassify co-ops and condos as houses – not business, which is what they now are considered. The change would allow the owners to qualify for FEMA grants.

Right now, owners of houses can get disaster grants, but co-op and condo owners qualify only for no-interest loans through the Small Business Administration, according to the New York Daily News.

“That’s ridiculous,” Vallone, a Democrat representing Astoria told the New York Post. “They’re not corporations, they’re peoples’ homes.”

FEMA officials maintain that co-op and condo owners can get federal assistance for damage to their units, but not to the buildings or the common spaces because they fall under a shared ownership. [NYDN]Hiten Samtani


Related Articles

arrow_forward_ios
41 Central Park West and Stephen Burke (Harperly Hall, Getty)
NBCUniversal chairman Stephen Burke lists co-op for $19M — again
NBCUniversal chairman Stephen Burke lists co-op for $19M — again
Alex Rodriguez - businessman, philanthropist and former professional baseball player - in front of the Beresford (Getty Images, Wikipedia/David Shankbone, Illustration by Steven Dilakian for The Real Deal)
A-Rod’s $10M co-op deal approved after “tantrum”
A-Rod’s $10M co-op deal approved after “tantrum”
Leonard Bernstein’s “radical chic” penthouse sells for $24M
Leonard Bernstein’s “radical chic” penthouse sells for $24M
Leonard Bernstein’s “radical chic” penthouse sells for $24M
2 East 88th Street and Jacqui Safra (Google Maps, Getty)
Manhattan triplex fetches $60M in biggest co-op sale since 2015
Manhattan triplex fetches $60M in biggest co-op sale since 2015
Nikolai Fraiture and 42 and 44 King Street (Getty, Google Maps)
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
“Taken for a Fool”: The Strokes’ Nikolai Fraiture sues co-op
Photo illustration of 220 Central Park South (iStock, StreetEasy)
Condos sales still dominate co-ops in $10M+ category
Condos sales still dominate co-ops in $10M+ category
1133 Fifth Avenue with John and Jodie Eastman (Google Maps, Getty/Patrick McMullan)
Paul McCartney’s brother-in-law drops $27M on UES penthouse
Paul McCartney’s brother-in-law drops $27M on UES penthouse
The Westchester law requires board members to undergo fair housing training for two hours every two years. (iStock)
Campaign against co-op discrimination notches win in Westchester
Campaign against co-op discrimination notches win in Westchester
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...