The Condo/Co-op Program is designed to provide funding to Condo Associations, Co-op boards, and Home Owner Associations for the repair of common elements and individual units that were damaged during Superstorm Sandy, Hurricane Irene, and/or Tropical Storm Lee.
The applicants to the Program are Condo Associations, Co-op Boards, and Home Owner Associations. To participate, the Association / Board must be responsible for repairs to damaged residential structures in the event of a disaster and/or hold the primary property and flood insurance on damaged residential structures. All NY Rising grant awards are distributed directly to the Association or Board provided all eligibility requirements are met.
No. The application period ended July 12, 2016.
NY Rising provides financial assistance for repairs to Program allowable storm damage completed prior to the Association’s application to NY Rising. This includes damage to common elements and individual units, where applicable. Repairs to non-residential structures, landscaping, and bulkheads are NOT eligible for NY Rising assistance through the Condo/Co-op Program. Additionally, luxury grade items, including but not limited to, custom cabinetry, fireplaces, and decks that are not a primary means of access, are not eligible for assistance. Please consult the Program Guidebook for additional information on allowable and excluded repairs.
The Program is bases its estimate of total storm damage on the detailed loss inspections used by insurance companies. These documents are called Proof of Loss estimates or POL’s. If damages were not covered by insurance or excluded from insurance claim estimates due to exceeding a policy limit, Associations must provide a Proof of Loss statement or other similar document itemizing the excluded damages in order for them to be considered by the Program. All items listed in the POL’s are reviewed for compliance with the Program’s repair policies. Allowable repairs must be additionally verified as complete prior to application date in order to be included in the Program Damage Estimate. The Program has standard values for all allowable repairs that may differ from actual costs to repair or insurance valuation.