Important Shareholder Memo 270 Convent HDFC: Maintenance Increase & Building Financial Health
Ashley Umukoro
Dear Shareholders,
We are writing to share important updates about our building’s financial health and a decision that impacts us all, with the clarity and care you deserve.
Over the past several months, the Board thoroughly reviewed our building’s finances. What we found is difficult but important to share: our current maintenance levels are insufficient to cover the true cost of operating and maintaining the building.
For 2026, we project a deficit of approximately $205,000. Even with a proposed 10% maintenance increase, the building would still face a significant shortfall. This is not the result of any single expense or decision, but rather the cumulative impact of rising costs, aging infrastructure, and years of underfunding relative to actual operating needs.
We want to be clear—this is not a step the Board takes lightly.
We understand that many in our community chose this building because it represents affordability, stability, and access—values that are deeply important, especially for a building like ours. We also recognize that any maintenance increase can create real financial strain, particularly for those on fixed or limited incomes.
At the same time, we are responsible for ensuring the building remains safe, operational, and financially stable for everyone who lives here now and in the future.
There are several factors driving this decision:
Significant increase in building insurance
Rising costs for utilities, labor, and general operations
Required compliance work, including façade inspections and repairs
Immediate capital needs, such as roof and water tank repairs
Limited reserve funds that cannot sustainably cover ongoing deficits
If we do not act now, the risks become more severe. These include the inability to pay for essential services like heat and maintenance, deferred repairs that worsen over time, and potential challenges for buyers to secure financing—ultimately impacting property values for all shareholders.
After careful consideration, the Board is proposing a 10% maintenance increase as an initial step. We recognize that this alone will not fully eliminate the deficit, but it is a necessary move toward stabilizing our finances while we continue to evaluate longer-term solutions.
In addition, to strengthen the building’s financial sustainability, the Board will undertake a more detailed review of repair responsibilities. Historically, the building has covered a broad range of repairs; however, given current financial constraints, we must align more closely with governing documents and standard practices. This means we will evaluate certain repairs to determine whether they fall under shareholder responsibility rather than being fully covered by the building. Our goal is to ensure consistency, fairness, and clarity moving forward, and we will communicate clearly as this process is refined.
In parallel, we are also taking additional steps to improve our financial position, including:
Strengthening collection efforts on outstanding arrears
Enforcing sublet and building policies more consistently
Identifying opportunities to reduce costs where possible
Supporting residents in accessing available programs such as SCRIE, where eligible
We are committed to keeping you informed and engaged. We will also host a shareholder meeting on Thursday April 9 to walk through the financials in more detail, answer questions, and discuss the path forward together. Please share any questions you have here by Tuesday April 7, at 5 p.m. to ensure the management team has ample time before the meeting to gather helpful answers. In the interim, we have drafted some answers to a few questions you may have here.
We know this is not easy news. But we believe that by addressing these challenges now—with honesty and shared responsibility—we can protect the long-term health of our building and preserve the community we all value.
Thank you for your continued commitment and care for our building.
With respect,
270 Convent HDFC - Board of Directors
Ashley Umukoro
From: Ray Younger <rayyou...@gmail.com>
Date: Thu, Apr 9, 2026 at 10:03 AM
Subject: Re: Important Shareholder Memo 270 Convent HDFC: Maintenance Increase & Building Financial Health
To: Ashley Umukoro <ashley....@gmail.com>
Cc: 270 Convent Avenue Residents <270-convent-av...@googlegroups.com>, ESRA Management <94aca6091d81391558d073e40f09baa2...@esrarealty.mailer.appfolio.us>
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M Caroline St Ange
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