NY A04712

Allows limited-profit housing companies (non-mutual) operating municipally-aided projects in cities with populations of one million or more to pay dividends or interest exceeding six percent per annum with supervising agency approval.

Permits annual rental rate increases aligned with rent stabilization law guidelines without public hearings or agency approval once excess dividends are authorized.

Requires affected dwelling units to become fully subject to rent stabilization and emergency tenant protection laws upon company dissolution, with initial regulated rents based on last authorized rent before dissolution.

Exempts voucher units (occupied by enhanced voucher assistance recipients) and market units from rent stabilization protections, while vacated units become subject to full rent controls.

Maintains partial property tax exemptions for partially taxable units but subjects fully taxable units to full property taxation after dissolution.