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NY A04706
Bill
Status
2/22/2023
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Mitchell-Lama building owners must provide tenants with notice at least 12 months before dissolving or taking actions that would remove the company from regulatory supervision, containing the nature of the action, anticipated date, applicable laws, and potential consequences including impacts on ownership, supervision, expenses, taxes, rents, and required governmental approvals.
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Notice must be provided in plain language and include a summary of potential consequences affecting the project's ownership, supervision, expenses, taxes, municipal charges, and rents.
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Within three months of receiving notice of intent to buy out, the commissioner or supervising agency must prepare and distribute a report to tenants and their representatives detailing tenant demographics broken down by household income in $5,000 intervals, including numbers of elderly tenants (62+), tenants receiving rental assistance, and tenants with disabilities.
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Companies serving buyout notice must provide the commissioner or supervising agency with all available information necessary to prepare the required report, with such information attached to the notice; notice is ineffective without the required information.
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Cities, towns, and villages may enact local laws more stringent or restrictive than these requirements, and the bill does not diminish requirements of other applicable laws.
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
1/3/2024