NY A00490

Amends the Private Housing Finance Law to distinguish between mutual and non-mutual companies regarding voluntary dissolution of housing developments.

Non-mutual companies aided by loans after May 1, 1959 may voluntarily dissolve without commissioner consent after 20 years of occupancy and full repayment of mortgage and expenses.

Mutual companies aided by loans after May 1, 1959 may only voluntarily dissolve without consent after their municipal tax exemption and any extensions thereof have expired.

Takes effect immediately upon enactment.