NY A10627

Amends Real Property Actions and Proceedings Law Section 1972 to modify notice requirements for mortgagees and lienors of abandoned multiple dwellings.

Allows mortgagees or lienors to avoid proceedings by either commencing foreclosure and obtaining a receiver appointment that brings the building into compliance within 90 days, or taking possession and achieving compliance within 90 days.

Permits the department to institute proceedings if the receiver application is denied, the receiver fails to achieve compliance within 90 days, or the mortgagee/lienor in possession fails to achieve compliance within 90 days.

Allows the department and mortgagee/lienor to establish longer compliance periods by mutual agreement.

Takes effect 120 days after enactment and applies to proceedings commenced on or after that date.