MEMBER SUPPORT IS VITAL TO THE SUCCESS OF CNYC PROJECTS

Two very important legislative successes are featured on page one of this Newsletter. Neither could have been achieved without the strong 'grass roots' support provided by CNYC members.

RANGEL 80/20 BILL PASSES CONGRESS
Years of hard work have culminated in the passage of important modifications to Section 216 of the Internal Revenue Code which governs the ability of housing cooperatives to pass on to their shareholders income tax deductions for their proportional share of the property taxes paid by the cooperative and interest on the underlying mortgage. (see page 3) This has positive implications for housing cooperatives nationwide. The National Association of Housing Cooperatives has spearheaded the long crusade to modify Section 216 to remove the 'cliff' at 80/20. Congressman Rangel and Senator Schumer worked closely with us and shepherded the legislation to passage. Essential to success were the membership dollars paid to NAHC, the contributions to its Cooperative Action Fund, and the calls, letters and e-mails to lawmakers.

SPEAKER SILVER, SENATOR PADAVAN ENSURE ABATEMENT EXTENDER PASSAGE BY LEGISLATURE
As this Newsletter goes to press, we have just received confirmation that Governor Paterson has signed into law the legislation that extends for four more years the property tax abatement program for home owners in New York city cooperatives and condominiums. Significant too is the fact that this legislation was passed sufficiently early in the year to ensure a seamless transition in our property tax bills. (see pages 4 and 5). Once again, CNYC could not have achieved this well-timed success without the support of its members, and the outpouring of letters requesting that lawmakers vote for this legislation.

PLEASE EXPRESS YOUR THANKS
It is appropriate and important that we thank the lawmakers who have been our champions. Letters of thanks are always greatly appreciated, and so are personal contributions to their campaigns.

In addition, CNYC has invited Charlie Rangel to our 28th annual Housing Conference in November. If he accepts our invitation, we will have an opportunity to thank him in person. We also plan to express our thanks to him in an newspaper advertisement near the time of his birthday celebration. CNYC welcomes contributions from its members toward this purchase. Please send your checks, marked Thanking Mr. Rangel to the CNYC office. Particularly if you live in a cooperative that is now 'liberated' from 80/20 concerns, we would appreciate your participation in this special thank you message. Suggested contribution is $1 to $10 per unit.

STAYING INFORMED
The above prove that together we can achieve great things for the world of cooperatives and condominiums. To make sure that your cooperative or condominium participates in CNYC's political projects and attends all of the educational programs that are of interest, please be sure that the contact person for your cooperative or condominium is someone who readily passes on CNYC information to the entire board and, when appropriate, to the shareholders/unit owners. Individuals can also register on the CNYC website at www.CNYC.coop to receive e-mail messages and alerts from CNYC.

If your contact person or individuals on your board would like to receive all communications from CNYC electronically, please send a message to info@CNYC.coop with the names and e-mail addresses of all those who have this preference. Please indicate whether you would like to continue to receive mailings as well.