NY A01715

Imposes a 75% transfer fee on the fair market value when a Mitchell-Lama rental project is dissolved or sold for the first time, and 75% of the sales price on each first market-value sale by shareholders in mutual companies

Transfer fee proceeds go to a fund held by NYC Housing Development Corporation and NYS Housing Finance Agency

Fund can be used to subsidize developments remaining in Mitchell-Lama, provide zero-percent interest repair loans for capital improvements, and forgive one-thirtieth of repair loan principal annually for companies staying in the program

Enables the city or state to purchase land and lease it to tenants under 99-year leases, converting projects to limited profit mutual companies

Takes effect 60 days after becoming law