LIBOR Applauds Nassau Legislation Bringing More Transparency to Co-Op Transactions Urges Swift Enactment at December 16 County Legislature Hearing

The Long Island Board of REALTORS® (LIBOR) strongly endorses recently introduced legislation in Nassau County by the County Legislature that would require housing cooperatives (Co-Ops) to take timely action upon receiving applications from prospective purchasers.

For many first-time homebuyers on Long Island, a Co-Op is the most attractive option because of its affordability. This legislation will help ensure that those transactions are not faced with delays that could jeopardize a prospective buyer’s ability to obtain financing in a timely manner.

Attainability continues to be a challenge on Long Island. Having a set timeline in place will protect potential buyers from fees and penalties that could result from prolonged delays.

For these reasons, LIBOR fully supports this legislation and urges its swift enactment.

We thank the Presiding Officer and all the members of the County Legislature who worked with our association membership and staff on this bipartisan legislation. We look forward to continuing to work with our local leaders on making the dream of homeownership for everyone on Long Island a reality.