Cooperative policy statements (CPS)
Real Estate Regulation
The Real Estate Finance (REF) Bureau is now accepting for submission, via eSubmission only, all cooperative policy statement applications and amendments or extensions to such applications. Please refer to the REF memorandum, Temporary Electronic Submission Policies and Procedures for Initial Submissions During COVID-19 State of Emergency, for detailed guidance and instructions.
Cooperative Policy Statement #1
This “testing the market” application has been revised to permit sponsors to submit applications at any time prior to the offering plan’s acceptance for filing and to clarify that extension applications will be granted only if the sponsor has submitted an offering plan to the Department of Law.
Cooperative Policy Statement #3
Residential application in tenant-sponsored plans to convert occupied premises.
Cooperative Policy Statement #5
Exemption from filing update amendments. Clarification of procedure for changes to sponsor entities and/or principals thereof in cooperative interests in realty with CPS-5 exemption
Cooperative Policy Statement #6
Policy with regard to cooperative corporations and condominium associations which take title to shares or units for failure to pay maintenance or common charges
Cooperative Policy Statement #7
Revised Cooperative Policy Statement No. 7 for homeowners associations with a de minimis cooperative interest, revised to include a mandatory review by the Department of Labor, and a standard process for amending the application
Cooperative Policy Statement #8 (superseded by CPS-9)
CPS-8 granted sponsors and holders of unsold shares an exemption from the regulatory requirement of submitting a copy of the offering plan and previously filed amendments with a new amendment submission. It was superseded by CPS-9.
Cooperative Policy Statement #9 (repealed)
CPS-9 granted sponsors and holders of unsold shares an exemption from the regulatory requirement of submitting a copy of the offering plan and previously filed amendments with a new amendment submission.
Cooperative Policy Statement #10
This is a new CPS that allows for distribution of electronic copies of offering plans after the sponsor has applied and at a purchaser's election.
Cooperative Policy Statement #11
This new CPS permits owners of residential rental buildings in New York to test the market prior to submitting an offering plan to the Department of Law in limited circumstances.
Cooperative Policy Statement #12
This CPS provides an application for exemption from compliance with many of our regulatory requirements for out-of-state projects situated within a jurisdiction that has enacted laws to afford purchasers protections comparable to those of New York.