How Did An East Flatbush Co-op Embroiled in Conflict Still Gets $11 Million State Loan?

According to an August 2019 article that ran in The City, some people in the 288-apartment Harry Silver Housing Company were “scared and intimidated.” So much so that resident Marcella Coma, “sued the co-op board and state housing officials in Kings County Supreme Court, charging irregularities in the process of electing board members and violations of co-op bylaws.”

Like many cooperatives operating without any type of transparency in New York at this point, rigged elections were reported. Despite all the copious irregularities listed in both the lawsuit and the article, the co-op complex secured an $11 million loan.

The reason we find this story extremely relevant is that we’ve heard numerous reports from cooperative shareholders concerned that their dubious boards applied for and received COVIC incentives including PPP loans that might not be used to serve the co-ops, but rather the shady boards who refuse to release financial data.