NY A01836

Amends the Private Housing Finance Law to allow aided housing companies to be voluntarily dissolved, sold, or reconstituted after 20 years, subject to payment of a 75% transfer fee on fair market value or first sale price.

Establishes a transfer fee equal to 75% of fair market value for dissolution or first sale of rental projects, and 75% of sales price on each first sale thereafter for mutual company shareholders.

Directs transfer fee proceeds to a fund managed by the New York City Housing Development Corporation and New York State Housing Finance Agency for subsidizing Mitchell-Lama program developments and purchasing land for conversion to limited profit mutual companies.

Allocates fund revenues for zero-interest repair loans, annual forgiveness of one-thirtieth of repair loan principal, subsidization of other limited profit housing companies, and development of additional affordable housing.

Takes effect 60 days after enactment.