NY A03508

Allows limited-profit housing companies operating municipally-aided projects in cities with populations of one million or more to pay dividends or interest exceeding six percent per annum with supervising agency approval.

Permits annual rental rate increases in approved projects based on rent stabilization law guidelines without public hearing or further agency approval once excess dividend is authorized.

Establishes provisions for affected dwelling units to become fully subject to rent stabilization and emergency tenant protection laws upon dissolution of housing companies.

Sets initial regulated rents at the last authorized rent before dissolution date, with voucher units capped at federally-approved maximums and market/vacated units receiving adjustments for increases authorized during the transition period.

Allows tax exemptions to continue for partially taxable units while requiring full taxation of market-rate, vacated, and voucher units; permits owner-tenant settlement agreements to supersede these provisions.