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NY S05509
Bill
Status
5/13/2009
Primary Sponsor
Jeffrey Klein
Click for details
AI Summary
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Mitchell-Lama building owners must provide tenants with written notice at least 12 months before dissolving or taking action that removes the company from regulatory supervision, containing the nature of the action, anticipated date, applicable law, and potential consequences including effects on ownership, supervision, expenses, taxes, and rents.
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Notice to tenants must be written in plain language and must include all available information required by the company to enable the Commissioner or supervising agency to prepare an assessment report.
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Within three months of receiving notice of a buy-out, the Commissioner or supervising agency must prepare and distribute a report to all tenants breaking down household income levels in $5,000 intervals, including total number of dwellings, numbers of seniors (62+), tenants receiving rental assistance, and tenants with disabilities.
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Local cities, towns, and villages may enact local laws, ordinances, resolutions, or regulations that are not less restrictive than those provided in this law.
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The act takes effect 90 days after becoming law.
Legislative Description
Requires companies aided by loans under Mitchell-Lama to notify tenants of such housing of the possibility of buyout from mortgages held which would potentially result in rent increases not later than twelve months prior to proposed dissolution; provides such notice shall inform tenants of the nature of the action, the date intended, the applicable laws and a summary of the potential consequences including expenses and rent increases which may be charged; requires the commissioner or supervising agency to prepare a report to be made available to the tenants of the project.
Last Action
SUBSTITUTED BY A2361
8/3/2010