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NY A01553
Bill
Status
1/10/2025
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Requires Mitchell-Lama housing companies to provide tenants at least 12 months notice before taking any action that would remove the project from government supervision, including buyouts from mortgages
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Notice must include the nature of the intended action, anticipated date, applicable laws, and a summary of potential consequences including effects on ownership, supervision, taxes, and rents
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Within 3 months of receiving buyout notice, the commissioner or supervising agency must prepare a tenant demographic report showing household income distribution in $5,000 intervals
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The demographic report must identify the number of tenants who are 62 years or older, receive rental assistance, or have qualifying permanent disabilities in each income range
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Cities, towns, and villages may enact local laws that are more stringent than these state requirements; the law takes effect 90 days after enactment
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
1/7/2026