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NY A03682
Bill
Status
1/28/2021
Primary Sponsor
Steven Cymbrowitz
Click for details
AI Summary
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Mitchell-Lama building owners intending to dissolve or exit regulatory supervision must notify all tenants at least 12 months before the anticipated action with information in plain language.
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Required notification must include the nature of the action, anticipated date, applicable laws, and potential consequences including effects on ownership, supervision, expenses, taxes, rents, and necessary governmental approvals.
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Local cities, towns, and villages may enact stricter notification requirements through local laws, ordinances, or regulations.
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Within three months of receiving notice of intent to buy out, the commissioner or supervising agency must prepare a report for tenants detailing income ranges, household counts, elderly residents, tenants receiving rental assistance, and tenants with disabilities.
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Building owners must provide all available information to the commissioner or supervising agency to enable preparation of the required tenant report, and notices lacking required information are deemed ineffective; bill takes effect 90 days after enactment.
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
referred to housing
1/5/2022