The complex world of co-op financing has become even more challenging in recent years, with Fannie Mae requirements creating significant hurdles for buildings, boards, and buyers alike. In this eye-opening conversation, mortgage banking expert Zahra Jafri pulls back the curtain on what's really happening behind the scenes when co-op loans get denied.

Zahra, founder of Lynx Mortgage Bank and president of the Mortgage Bankers Association, brings decades of industry experience to explain why so many co-op buildings are struggling with financing eligibility. Since the Surfside condo collapse in Florida, requirements have tightened dramatically – from mandatory reserve funds equal to 10% of annual maintenance to engineer inspection reports that many management companies resist sharing.

What makes this situation particularly frustrating is the communication gap between co-ops and Fannie Mae. As our hosts point out, it's like "a bad game of telephone," with building boards unable to directly address compliance issues with the ultimate authority. Meanwhile, shareholders bear the consequences when their apartments become difficult or impossible to sell.

The conversation delves into specific requirements that trip up many buildings: financial reporting deadlines that consistently expire before new reports are ready, insurance coverage that must now include full replacement costs and inflation guards, and Department of Buildings violations that can instantly make a building ineligible for conventional financing.

For board members, management companies, and individual shareholders, understanding these new realities is crucial. As Zahra notes, "Just because something becomes ineligible for financing doesn't mean it stays there" – but addressing these issues requires awareness, planning, and sometimes significant financial investment from buildings already facing rising costs.

Ready to learn what your board or management company might not be telling you about your building's financing status? Listen now for insights that could protect your most valuable investment.

Ever wondered what it takes to champion cooperative housing rights in the halls of power? Assemblymember Edward Braunstein pulls back the curtain on his remarkable journey from a 29-year-old political newcomer to becoming Albany's go-to authority on co-op and condo legislation.

Growing up in Bayside, Queens, Braunstein never imagined a career in politics until opportunity knocked. His grassroots campaign strategy – knocking on doors for three hours daily and famously walking the decks of neighborhood pool clubs to meet voters – launched a legislative career now spanning over a decade. What makes Braunstein uniquely qualified? He's among the rare few in the legislature who actually lives in a co-op, bringing firsthand experience to every housing bill that crosses his desk.

The conversation weaves through the intricate dance of Albany politics – from budget negotiations that stretch weeks beyond deadlines to the constant vigilance required to prevent co-ops from being inadvertently caught in rental housing regulations. Braunstein shares his proudest achievements, including restructuring tax abatements to benefit middle-class co-op owners and this year's successful modification of the Corporate Transparency Act to protect co-op boards from burdensome disclosure requirements.

Looking ahead, Braunstein outlines his vision for comprehensive property tax reform to address the current system's inequities, where outer borough residents pay significantly higher effective tax rates than wealthier Manhattan property owners. His insider perspective reveals both the challenges and possibilities of creating meaningful change for New York's cooperative communities.

Whether you're a co-op board member, owner, or simply curious about the intersection of housing policy and politics, this conversation offers rare insights into how effective advocacy works and why having knowledgeable champions matters more than ever. Subscribe now to hear more conversations with the thought leaders shaping the future of cooperative housing in New York.

Barry Grodenchik, from his childhood in Pomonok Houses public housing to his terms as State Assemblyman and NYC Council Member, maintained a deep connection to the communities he served, particularly the co-op and condo owners of Eastern Queens.

Our conversation weaves through the major housing challenges facing New York's shared residential communities over the past three decades. Grodenchik details how Queens officials worked to save approximately 20,000 housing units during a major co-op crisis in the late 1980s, when buildings converted from rental to co-op status found themselves financially underwater. This required bringing stakeholders together in person—a leadership approach Grodenchik sees diminishing in today's digital-first political environment.

Particularly revealing is Grodenchik's discussion of the Climate Mobilization Act and its impact on co-ops and condos. When meeting with city officials about the legislation's effect on garden apartments, he encountered staff members who had to Google what garden apartments were, despite crafting regulations that would dramatically affect them. This disconnect between policymakers and residents continues to create challenges for shared housing communities across the city.

Beyond policy discussions, Grodenchik shares memorable personal stories, including his friendship with Governor Mario Cuomo and his proudest achievements securing nearly $300 million for schools in his district. Perhaps most telling is his commitment to constituent services at every scale—from major housing initiatives to ensuring a child with special needs could attend the Thanksgiving Day Parade each year.

What resonates most from our conversation is Grodenchik's philosophy that effective governance comes from bringing people together face-to-face and focusing on tangible results over publicity. "There's too many press conferences now," he observes, "and not enough action."

Listen to this episode for an insider's view of how New York's cooperative and condominium landscape has evolved through decades of crisis and change, guided by leaders who understood the profound importance of home.

Ever wondered how a struggling 3,000-unit co-op transforms into a thriving community? Bob Friedrich, President of Glen Oaks Village, takes us behind the scenes of what host Geoffrey Mazel calls "the Glen Oaks miracle."

When Bob purchased his apartment in 1986, he discovered a co-op in crisis – deteriorating buildings, financial mismanagement, and defaulted loans. As a young accountant attending his first annual meeting, he recognized the severity of the situation when the treasurer couldn't answer basic questions about a $15 million loan. That moment launched his journey from concerned shareholder to board member to president, a position he's held since 1997.

The turning point came when Bob negotiated with federal agencies to forgive nearly a million dollars in arrears in exchange for ownership of hundreds of apartments. While some board members wanted to sell these units immediately for quick cash, Bob saw their long-term potential. Today, those apartments are worth approximately $90 million – financial foresight that stabilized Glen Oaks and created lasting prosperity.

Beyond Glen Oaks, Bob founded the President's Co-op and Condo Council, uniting over 100 co-op boards representing 100,000 voters to fight harmful legislation. He details the existential threats facing affordable housing today, from Local Law 97's unfunded mandates that could cost tens of millions to skyrocketing property taxes that have increased 58% since 2019.

What makes this story remarkable isn't just financial turnaround but community transformation. Bob's leadership created a professionally managed co-op with transparent governance, among the lowest maintenance fees in New York, and a vibrant community where families thrive. As he puts it, "Co-ops are affordable housing – where else can you purchase a one-bedroom unit that you own for $250,000?"

Whether you're a co-op resident or simply interested in how communities overcome challenges, this conversation offers invaluable insights on leadership, financial strategy, and preserving affordable homeownership in New York City.

What happens when one-fifth of New York City residents share a common housing challenge but lack a unified voice? Geoffrey Mazel, co-op attorney with 40+ years of experience, launches the Co-op and Condo Insider podcast to bridge this critical information gap.

Mazel's journey began at 28 when he became president of Glen Oaks Village, the largest converted co-op east of the Mississippi. That experience launched a career dedicated to addressing the unique challenges facing cooperative and condominium housing across New York City and State. As he explains to co-host Richard Solomon, these housing communities represent an essential segment of affordable housing that remains largely misunderstood by the general public and policymakers alike.

The podcast explores the stark reality facing co-op boards today: navigating rising operational costs while confronting a tsunami of regulations and unfunded mandates from government agencies. Local Law 97, the Climate Mobilization Act, emerges as a particular threat, potentially forcing many co-ops into insolvency through economically and physically unfeasible electrification requirements. Against well-funded environmental and industry lobbyists, grassroots co-op advocates are fighting to protect what Mazel calls "precious housing stock."

Yet there's hope in collective action. When former Governor Andrew Cuomo met with 26 board presidents representing nearly 30,000 units of co-op housing, he told them: "You guys have a lot of power. You don't even know it." Mazel's response? "We do know it, we just don't know how to harness it." Through legislative victories like fixing a critical Fannie Mae financing issue that saved 10,000 housing units, the co-op community is learning to flex its political muscle.

Subscribe now to hear from the elected officials, industry professionals, and everyday residents shaping the future of cooperative and condominium housing in New York. Whether you're a board member, resident, or professional working in this space, each episode delivers practical insights you won't find anywhere else.

Warren Schreiber's journey from Brooklyn to becoming one of New York's most influential co-op advocates reveals the hidden power dynamics shaping housing policy throughout the city. As a retired MTA veteran who stumbled into co-op living through marriage, Warren transformed from an ordinary resident to a formidable voice representing thousands.

The Bay Terrace community, with its 18 co-ops housing nearly 6,000 residents, has become a political force that candidates simply cannot ignore. "If they can't carry Bay Terrace in the election, they're in trouble," Warren explains, pointing to recent elections where this single neighborhood delivered decisive margins. This grassroots influence has opened doors to governors, mayors, and senators, creating unprecedented access for everyday New Yorkers fighting to protect their homes.

At the heart of Warren's advocacy is a simple truth: lawmakers fundamentally misunderstand co-op communities. Through the President's Co-op and Condo Council, he's built bridges across political divides, working with officials from both parties to educate them about the unique challenges facing shared housing. The results speak volumes—from legislative victories to courtroom battles reaching New York's highest court.

Perhaps most urgent is Warren's fight against Local Law 97, which threatens co-ops with impossible financial burdens. "For my co-op, it would probably cost about $10-15 million," he reveals, questioning how 200 middle-class shareholders could possibly absorb such costs. His passionate argument that corporations who created climate problems should fund the solutions resonates far beyond housing circles.

Behind these policy battles stands a morning person who rises at 5:30 AM, collects Snoopy memorabilia, and knows the best pizza joints in Queens. Warren represents thousands of volunteer board members—"probably the smartest people I know"—who dedicate countless hours to their communities without recognition. Their expertise and dedication ensure that cooperative housing remains a vital, affordable option for New Yorkers seeking stable communities in an increasingly unstable housing landscape.