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NY A09340
Bill
Status
2/23/2022
Primary Sponsor
Harvey Epstein
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AI Summary
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Allows conversion of residential rental buildings to condominium ownership in New York City if property owners commit to preserving income-restricted rental units in perpetuity through regulatory agreements with housing finance agencies.
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Requires tenant purchase rights: tenants have 90 days of exclusive purchase rights at locked-in prices after attorney general acceptance, followed by 6 additional months of matching rights on any executed contracts.
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Prohibits eviction of non-purchasing tenants except for non-payment of rent, illegal use, or breach of obligations; protects eligible senior citizens (62+) and disabled persons from unconscionable rent increases and eviction for non-purchase.
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Mandates offerors establish a reserve fund equal to 3% of total offering price (minimum 1%) within 30 days of plan consummation for capital repairs and replacements, with supplemental 3% contributions on each unit sold within five years.
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Establishes housing protection unit fund supported by filing fees (ranging from $750 to $60,000) to support the attorney general's administration of the preservation plan program.
Legislative Description
Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York; establishes the housing protection unit fund.
Last Action
referred to housing
2/23/2022