NY A00881

Amends Private Housing Finance Law section 35 to restrict when mutual companies can voluntarily dissolve without commissioner or supervising agency consent

Non-mutual companies aided by loans made after May 1, 1959 may still voluntarily dissolve after 20 years from occupancy date upon paying off mortgage balances and dissolution expenses

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

Effectively prevents mutual housing companies from dissolving while still receiving tax benefits from the municipality