NY A01221

Establishes right of first refusal for tenant associations and qualified entities to purchase assisted rental housing when owners intend to convert the property, requiring 12 months' advance notice from the owner.

Requires owners to provide detailed notification including property information, financial records, inspection reports, and anticipated rent increases at least 12 months before conversion action.

Creates advisory panel appraisal process where owner and tenants each select an appraiser, with purchase price based on appraised value or bona fide offer price approved by the Division of Housing and Community Renewal.

Grants tenant associations 120 days from appraisal determination to submit written purchase offers, and mandates that offers at or above appraised value must be accepted by owners.

Imposes civil penalties of $5,000 per month per dwelling unit (capped at $100,000 per unit) on owners who violate provisions, and protects current tenants by requiring owners to allow them to remain for at least 6 months after conversion at existing rent levels.