NY A02361

Mitchell-Lama building owners must provide tenants with written notice at least 12 months before dissolving or ceasing supervision, including the anticipated date, legal basis, and potential consequences for ownership, supervision, expenses, taxes, and rents

Notice must be written in plain language and may be made more restrictive by local laws, ordinances, resolutions, or regulations

Within three months of receiving buyout notice, the Commissioner or supervising agency must prepare a report for tenants breaking down household income ranges (in $5,000 intervals) and including tenant demographics such as seniors (62+), those receiving rental assistance, and tenants with disabilities

Building owners must provide all available information to the Commissioner or supervising agency to prepare the required report, and the notice is invalid if required information is not included

The act takes effect 90 days after becoming law