HDFC Coalition Defense Fund
Donation protected
In January 2025, the HDFC Coalition and our partners in the New York State Legislature introduced twin bills in the Senate and the Assembly that, if passed, will preserve our affordable homes in perpetuity.
To win this campaign, we need your help. That’s why we are asking individual shareholders to donate $25 each, and HDFC Co-Op boards to donate $10 for each HDFC apartment in their building. (Unfortunately, while we are a registered 501(c)4 non-profit, contributions are not tax-deductible because they are used to promote specific legislation.) Your contributions to the HDFC Coalition will help us cover the cost of such things as flyers and postcards, large informational meetings for HDFC shareholders, and buses to take HDFC shareholders to Albany to lobby our state legislators. We'll be publishing a periodic accounting of how we spend the money. Please note that we are still a volunteer organization, and absolutely no donated money will be used to pay salaries for any member of the HDFC Coalition. Thanks for your help. Together we can win!
Here’s what we are fighting for:
The HDFC Self-Determination, Preservation, and Affordability Act (S.880/A.2707), called “A Critical Bill to Preserve Affordable Homeownership in NYC,” is sponsored by Senators Robert Jackson and Cordell Cleare and Assemblymember Al Taylor. As you may know, more than 100,000 New Yorkers live in privately owned HDFC co-op apartments. But the partial property tax break that has helped keep these homes affordable to us, their residents, expires in 2029.
Without a replacement tax benefit, HDFCs will face a massive tax burden, leading to:
- Loss of affordability, forcing longtime low- and moderate-income homeowners to sell.
- Financial distress, risking foreclosure or conversion to market-rate housing.
- Loss of lines of credit & mortgages as banks are already refusing to lend to HDFCs and prospective homeowners due to uncertainty about the financial future of HDFCs.
THE SOLUTION: S.880/A.2707 Preserves Affordability and Ensures Housing Stability
- Creates a permanent and meaningful tax break for HDFCs, ensuring financial viability.
- Maintains income restrictions on new buyers to preserve affordability.
- Respects HDFC homeowners’ rights while ensuring affordability compliance.
- Offers certainty—prevents impending affordable housing bankruptcies for 100,000+ New Yorkers
Join our mailing list, ask us questions, volunteer to help in your community, and share your HDFC story and photos. Just reach out to us at info at hdfccoalition dot org. (info@hdfccoalition.org)
Organizer
HDFC Coalition
Organizer
New York, NY