News - April 2025

 

The Board of Directors would like to wish everyone a happy and safe Summer! If you would like the Board to include items in our Fall Newsletter, please forward your suggestions by August 15.

Our Annual Meeting was held on April 2025 at the Hendrick Hudson Library. We thank all those shareholders who attended and our attorney, Ken Gould, Esq., and our Accountant, Allison Siegel Sheer. However, since we did not have a quorum (i.e., a majority of shares represented), we were unable to conduct a successful meeting—one with legal validity.

Although we were unable to hold an official shareholder meeting and election due to the lack of a quorum, our attorney and our accountant explained why the board reluctantly chose to impose an assessment of $5/share for 12 months to cover the expected cost of "Forced Insurance" imposed on the Co-Op by our mortgage holding bank.

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The Board is composed of volunteer shareholders who donate their time to serve the best interests of the community. If you are dissatisfied with board decisions or the direction of the co-op, we encourage you to get involved. Run for a board seat, attend meetings, and take an active role in shaping our future. The strength of our co-op depends on the participation and engagement of its members.

We thank all shareholders for their continued support and commitment to Hudson Woods/Amberlands.

Sincerely,

Hudson Woods Estates / Amberland Co-op Board of Directors

News - December 2024

 

The Board of Directors understands the concerns of several shareholders regarding the 2025 maintenance increase. The 20% increase in maintenance fees was necessary to ensure the co-op will be able to meet its 2025 financial obligations resulting from the "Forced Insurance" policy imposed on us by our mortgage holder. We hope this post will help to explain the rationale and considerations that went into the decision.

• The mortgage on our property is for a total of $3,847,382 at an interest rate of 4.74%.
• Our insurance provider decided not to renew our policy in May, giving us an extremely short time to find another insurance policy, even though we remediated the issues we had with Aluminum wiring as required by the bank.
• Our mortgage holder imposed a "Forced Insurance" policy on the Co-Op, so that their interests would be protected in case of a disaster.
• In October, the Co-Op found and began coverage under a new insurance carrier, whose costs were more than triple the $73,500 cost of our prior policy.

Please be assured that the Board has and will continue to work hard to reduce costs, while maintaining financial stability. We believe that this increase will maintain and improve the value of your investment in this cooperative. We are always eager to hear any suggestions you may have to reduce costs. Please send those to management via email, in order that we may take them under consideration.

Thank you for your understanding and concerns.

Respectfully,

The Board of Directors 

Good News - We have refinanced our property

 

As of April 29th, the co-op has successfully refinanced its property one year earlier than required by the original contract. The money gained from refinancing now allows to take on some of the more pressing projects that are long overdue.

More information will be available in the Hudson Woods Newsletter, which is being written now.