NY A01839

Allows limited-profit housing companies (non-mutual) operating municipally-aided projects in cities with 1 million+ population to pay dividends or interest exceeding 6% annually with supervising agency approval

Companies receiving approval for excess dividends can increase rents annually without public hearings, following rent guidelines board amounts for rent-stabilized units rather than requiring separate agency approval

Following dissolution of affected housing companies (buildings completed/rehabilitated after January 1, 1974), dwelling units become fully subject to rent stabilization law with initial regulated rent set at the last authorized rent before dissolution

Tenants receiving federal enhanced voucher assistance retain voucher-based rent rates; units become "market units" exempt from rent stabilization if tenants fail to submit required voucher documentation or violate voucher requirements

Partial property tax exemptions continue for units still occupied by original tenants (partially taxable units), while voucher units, market units, and vacated units become fully taxable; provisions do not apply if owner and tenants association execute a written settlement agreement