NY A02221

Adds Article 2-A to the Private Housing Finance Law establishing tenant and qualified entity rights to purchase assisted rental housing before conversion.

Requires owners to provide 12 months' notice before converting assisted rental housing, with detailed information about the property, finances, and tenant purchase rights.

Grants tenant associations or qualified entities the right of first refusal to purchase assisted rental housing at appraised value or matching any bona fide offer price within 120 days.

Establishes a three-appraiser panel process to determine fair market value of properties, with costs shared between owner and tenants if the division selects the third appraiser.

Imposes civil penalties of $5,000 per month per dwelling unit (capped at $100,000 per unit) on owners who violate the article's provisions.