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Controversy and Intrigue

The Department of Housing Preservation and Development is investigating two board members of an affordable co-op at 157 Broome Street for allegedly using the co-op's bank account as their own. The pair did not file the required financial documentation with the city, and the supposedly paid themselves more than $120,000 in a single year. Board members can be paid "management fees" of up to 8 percent of a co-op's income, but these two collected nearly $60K, about 26 percent of the building's income. The rest of the payments were filed under "repairs and maintenance," "reimbursements," and even "meals and entertainment." [NYP]