Friday, June 24, 2011

Update on HPD HDFC Directive

As you may be aware, the HPD Commissioner issued a letter on October 4th, 2010 which set forth HPD’s position on several issues related to the operation of HDFCs (see enclosed “HPD HDFC Letter”).  This letter caused a great deal of confusion within the legal community which compelled our office, along with a small group of attorneys, to meet with HPD to confirm and clarify their position.

As a result of the meeting with HPD, we produced the enclosed presentation (see enclosed “Legal Interpretation”) which highlights Goldstein Hall’s interpretation of the central points in the HPD Commissioner’s Letter.

Further, we are pleased to announce the formation of our HDFC Practice Group, staffed with attorneys who are focused on serving the needs of the HDFC community.  The Practice Group offers services covering virtually all matters involving HDFCs, including corporate governance and litigation issues.    

If you have any questions about the letter or any other HDFC-related matter, please call me or Matthew Hall at 212-461-2338.  Or, send an e-mail to dgoldstein@goldsteinhall.com or mhall@goldsteinhall.com.

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