NY A03444

Amends the real property actions and proceedings law to give mortgagees or lienors of abandoned multiple dwellings two options when notified of potential abandonment proceedings: commence foreclosure and seek appointment of a receiver, or take possession of the premises directly

Requires buildings to be brought into compliance with applicable laws within 90 days of receiver appointment or possession, unless a longer period is agreed upon with the department

Allows the department to proceed with abandonment proceedings if the receiver application is denied, the receiver fails to bring the building into compliance within the 90-day period, or the mortgagee/lienor in possession fails to achieve compliance

Replaces the previous option allowing mortgagees or lienors to simply enter into an agreement with the department to bring the building into compliance

Takes effect 120 days after becoming law and applies to proceedings commenced on or after that date