
November 20, 2002 |
2002-R-0924 | |
DISCLOSURE TO A RESIDENT OF FINANCIAL RECORDS BY A HUD FINANCED COOPERATIVE | ||
By: Joseph R. Holstead, Research Analyst | ||
You asked if a United States Department of Housing and Urban Development (HUD) financed cooperative's property management company is required to provide a copy of its financial records when a resident requests.
As a third party, a cooperative's management company is not required to supply a copy of its financial records to a resident upon request, according to Suzanne Baran, HUD's Hartford Multi-Family Housing Office's program director. But a cooperative's board is required to provide a copy its own financial records if a resident requests. If the board is slow to or does not turn over a copy of its financial records upon request, the resident may have to sue, as HUD will not get involved beyond a certain point, Baran said.
JRH: eh