Co-op board package, reference letters and interview

A co-op board package is the application a NYC co-op board reviews before it approves a buyer: finances, tax returns, reference letters, then an interview.#

Last updated: 2026-11-11. General information, not legal, tax or financial advice. Rates and rules change, so confirm the numbers for your deal with your real estate attorney and lender.#

After you sign a contract on a co-op, you apply to the board. The board package documents your income, assets, debts and character; the managing agent checks it is complete, the board reviews it, and if it passes the board meets you for a short interview. Each building sets its own financial tests: a debt-to-income ratio of 25–30% and one to two years of payments left in reserve after closing are typical, not rules. Since July 2026, most NYC co-ops with 10 or more apartments must acknowledge a package within 15 days and decide within 45 days of it being complete. A board does not have to give a reason for a rejection, but it cannot reject you for a reason the fair housing laws prohibit.#

Every building has its own form and list; the managing agent or your broker will give you the building's version. This is the usual set.#

Self-employed buyers are usually asked for a CPA letter and business returns. Buyers relying on gifts or a guarantor are asked for gift letters or the guarantor's finances, where the building accepts them at all.#

Boards set their own standards, and many publish none. The figures below are what brokers and trade publications describe as typical; your building may be stricter or looser.#

Cash, money-market funds, stocks, bonds and CDs usually count as liquid. Retirement accounts often do not, or count at a discount; unvested stock, life insurance and personal property usually do not. A lender's debt-to-income limit is often higher than a board's, so a loan commitment does not mean the package will pass. The guide to buying an apartment in NYC covers budgeting for these tests before you bid.#

Brick Underground puts the usual number at four to six letters, a mix of personal and professional, on top of a landlord or managing agent letter and an employer letter. Check the building's list.#

Who writes them. Personal letters from friends who have known you for years, ideally someone who owns a co-op or sits on a co-op board. Professional letters from a colleague, client or business contact; the employer letter, usually from HR, is separate. Many buildings do not accept letters from relatives. The landlord letter confirms the address, how long you lived there, the rent, and that you paid on time.#

What they say. How long and in what capacity the writer has known you, that you are reliable with money and obligations, and that you would be a considerate neighbor. Brokers suggest three paragraphs to about a page, addressed to the board, dated and signed, with the writer's contact details. Writers should use their own words; boards notice letters copied from a template, including this one.#

A short, neutral co-op reference letter sample:#

To the Board of Directors, [Building name], [Address]#

Re: [Applicant name], purchase of Apartment [number]#

I have known [Applicant] for eight years, first as a colleague at [Company] and since then as a friend. In that time I have known them to be reliable, organized and careful with their commitments, both professional and financial. They are quiet, considerate and respectful of the people around them, and I expect they would be a good neighbor and a responsible shareholder. I recommend them without reservation. Please contact me at [phone] or [email] with any questions.#

Sincerely, [Name], [Address]#

Ask for letters as soon as the contract is signed. They are often what holds up a package.#

If the package passes, the board invites you to an interview, usually short and held in a board member's apartment, a common room or by video. Most rejections happen on the package, not at the interview.#

Common co-op board interview questions:#

What not to volunteer. Answer what is asked, briefly and honestly. Brokers commonly advise against raising plans to sublet, work from a home business, combine units or renovate heavily unless asked, and against debating the building's rules or finances. Questions aimed at protected characteristics, such as plans to have children or your religion, can be evidence of discrimination under the city's Human Rights Law; you can decline them politely.#

The deadlines come from Int. 1120-B, enacted over the mayor's veto on January 29, 2026, and in effect for applications submitted from about July 28, 2026. It covers co-ops with 10 or more apartments; HDFC co-ops and co-ops supervised by government housing agencies are excluded. A package the co-op does not acknowledge within 15 days is deemed complete. The board can extend the 45-day deadline once, by up to 14 days, and the clock pauses during summer recess dates the co-op has formally announced. The city's housing agency, HPD, enforces it with fines; a missed deadline does not approve the sale.#

The contract's board-approval contingency ends the deal and your deposit is returned. Have your attorney confirm that clause before you sign.#

The board does not have to say why. The 2026 law sets deadlines but does not require reasons; a companion bill that would have required them did not come to a vote of the full City Council. Courts review co-op board decisions under the business judgment rule set out in Levandusky v. One Fifth Avenue Apartment Corp. (1990): they defer to a board that acts for the purposes of the co-op, within its authority and in good faith.#

That deference does not cover discrimination. The New York City Human Rights Law bars rejecting a buyer because of race, creed, color, national origin, gender, gender identity, sexual orientation, disability, age, marital or partnership status, immigration or citizenship status, veteran or military status, lawful occupation, lawful source of income, the presence of children, or status as a victim of domestic violence, stalking or sex offenses, among other protected classes. The New York State Human Rights Law and the federal Fair Housing Act apply as well. If you think a rejection was discriminatory, you can file a complaint with the NYC Commission on Human Rights or the NYS Division of Human Rights.#

The board is the main reason a co-op takes longer to close than a condo. The co-op vs condo guide compares the two, and the proprietary lease guide covers the documents you sign once approved.#