NY Rising announces major policy changes

In response to a letter sent by the City Council to the Governor’s Office of Storm Recovery in May, NY Rising has announced major policy changes that would greatly reduce the burden on condo and coop shareholders. As these changes are long overdue — three years after Sandy — the City Council has stated it is hopeful NY Rising will move to implement these changes in a timely manner.  

“The City Council is happy to hear that progress has been made, but we will continue to aggressively advocate on behalf of all Long Beach residents until everyone has the resources they need and deserve to rebuild stronger, smarter, and safer,” said council president Len Torres. 

In the instance where the Condo Association holds the building’s primary flood insurance and is responsible for structural repairs, including individual units, following a catastrophic event, the NY Rising Condo/ Co-op Program has announced it revised its policy and will not require Condo/ Co-op Residents to submit tax information.

Additionally, when the Condo Association or Coop Board holds the primary flood insurance on the property, the association or board will be required to amend their bylaws to state that flood insurance will be held in perpetuity. The unit owners will not be responsible for this requirement unless the bylaws of the association require the unit owner to hold the primary flood insurance and the unit owners hold the deed to their unit.

“We listened to the concerns of Long Beach High Rise residents and their association, and then we advocated on their behalf for a series of important policy changes for New York State to implement,” said Eileen J. Goggin. “The State has listened to our concerns and is in the process of acting. However, we will not stop fighting until these important policy changes are fully implemented.”