Frequently Asked Questions
Do you have parking?
We have four spaces in the back of the building. They are rented to Coop Members first when they become available. Currently all of the spaces are rented.
Does it cost anything to apply?
No. The costs of marketing and application processing are absorbed as part of the closing costs.
Is the building non-smoking?
Yes. Belmont Chambers is a non-smoking building, including individual units.
Why aren’t dogs allowed?
The Cooperative pet policy is that only cats are allowed with the approval of the board is based on our experience that cats don’t generally create problems for the general membership. In addition given the building and the size of the units and urban setting we don’t believe it is ideal environment for dogs .
Can I take both the state rental tax deduction and the Federal deduction for mortgage interest and property taxes?
Our understanding is that you can only take the Federal deductions for mortgage interest and property taxes. A bill has been proposed in the Legislature to allow cooperative owners to take the rental deduction in addition but its outcome has not been determined. Given the increases of the standard deduction over the last few years the impact of mortgage interest and property tax deductions are somewhat limited.
What is the financial structure of the building?
The Cooperative Corporation holds the deed to the building with a primary mortgage to the National Cooperative Bank. There are three other secondary mortgages to the Symphony Area Renaissance Trust that are payable only if the Cooperative breaks its covenants and agreements to keep the building as a limited equity cooperative. The equity in the building is represented by the Cooperative Corporation’s shares. Because of the covenants and the mortgages it is unlikely that the building would be sold on the open market and so the notion of a market value is academic to the operation of the cooperative. The price of the cooperative shares is limited by a formula (limited equity) to approximately a 5% annual increase. Practically the price of the cooperatives shares is limited by available financing and the income limits imposed on applicants.
Do I get Condo or Apartment Insurance?
The building is insured like an apartment building. The owners (the Cooperative) hold insurance similar to what a landlord would be required to have, covering the building and its infrastructure. You would need apartment insurance to cover your personal property, such as furniture and clothing.
Below are downloadable documents and application forms. Most are in PDF format. If you don’t have a program that will read PDF files you can download Adobe Reader. They are provided as a convenience for applicants. We make every effort to keep this list up to date but cannot guarantee that they are the latest versions.
Coop Materials at this link is a zip file containing all the documents below except for the Marketing Flyer in one file for your downloading convenience.
Marketing and Application Information:
Application Cover Letter
Potential Tax Advantages
Credit Report Information
Cooperative Governing Documents:
Deed and Covenants for the Property