Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 22, 2010 |
referred to housing |
Assembly Bill A9977
2009-2010 Legislative Session
Sponsored By
ROSENTHAL
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Jonathan Bing
Vito Lopez
Michael Benedetto
Joan Millman
multi-Sponsors
William Boyland
James F. Brennan
Joan Christensen
Herman D. Farrell
2009-A9977 (ACTIVE) - Details
2009-A9977 (ACTIVE) - Sponsor Memo
BILL NUMBER:A9977 TITLE OF BILL: An act to amend the private housing finance law, in relation to mutual companies in a city with a population of one million or more PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to allow cooperatives to leave the Mitchell-Lama program without causing immedi- ate harm to the tenants who rely on them. The tenants will be given proper and timely notice of the cooperatives plans and also an offer to sell their shares back to the housing company. Otherwise, they will be given one- or two-year leases during which time they should be able to find appropriate housing alter natives. This way, both the cooperatives and the tenants should be able to proceed in a way that will prevent negative outcomes for everyone involved. SUMMARY OF SPECIFIC PROVISIONS: This bill would require a Mitchell-Lama cooperative operating a project in a city with a population of one million or more that is seeking to dissolve to offer cooperators at least ninety days before the dissol- ution date an opportunity to sell their shares back to the housing company. After the sale, these cooperators would become rent stabilized tenants with one or two year leases and their units would be decon- trolled upon vacancy. After dissolution, the initial legal regulated rent for such units would be the last carrying charges authorized prior
2009-A9977 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9977 I N A S S E M B L Y February 22, 2010 ___________ Introduced by M. of A. ROSENTHAL, BING, V. LOPEZ, BENEDETTO, MILLMAN, ROBINSON, ESPAILLAT, COOK, KELLNER, N. RIVERA, SPANO, BROOK-KRASNY, JEFFRIES, JAFFEE -- Multi-Sponsored by -- M. of A. BOYLAND, BRENNAN, CHRISTENSEN, FARRELL, GLICK, HEASTIE, MAISEL, MARKEY, PHEFFER, REILLY, TITONE -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to mutual companies in a city with a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 35 of the private housing finance law is amended by adding a new subdivision 5 to read as follows: 5. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS ARTICLE OR OF ANY OTHER PROVISION OF GENERAL, SPECIAL OR LOCAL LAW, A MUTUAL COMPANY THAT OPERATES A PROJECT IN A CITY WITH A POPULATION OF ONE MILLION OR MORE, MUST, AT LEAST NINETY DAYS BEFORE THE DATE OF ITS DISSOLUTION OR RECONSTITUTION PURSUANT TO THIS SECTION, MAKE AN OFFER TO ALL OF ITS SHAREHOLDERS TO REPURCHASE THEIR SHARES IN SUCH MUTUAL COMPANY. A SHARE- HOLDER WHO ELECTS TO SELL HIS OR HER SHARES BACK TO SUCH MUTUAL COMPANY SHALL BE OFFERED A ONE-YEAR OR A TWO-YEAR LEASE FOR HIS OR HER DWELLING UNIT TO COMMENCE UPON THE DATE OF SUCH DISSOLUTION OR RECONSTITUTION, AND SUCH DWELLING UNIT SHALL BE FULLY SUBJECT TO THE PROVISIONS OF THE RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE AND THE EMERGENCY TENANT PROTECTION ACT OF NINETEEN SEVENTY-FOUR. THE INITIAL LEGAL REGU- LATED RENT FOR ANY SUCH DWELLING UNIT FOLLOWING THE DISSOLUTION DATE SHALL BE THE LAST CARRYING CHARGES AUTHORIZED FOR SUCH DWELLING UNIT BEFORE THE DISSOLUTION DATE, INCLUDING SURCHARGES, IF ANY, AND SHALL NOT BE SUBJECT TO ADJUSTMENT PURSUANT TO SUBDIVISION A OF SECTION 26-513 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK. ANY SUCH DWELLING UNIT WHICH IS SUBJECT TO RENT REGULATION SOLELY BY VIRTUE OF THIS SUBDIVISION SHALL BE DECONTROLLED UPON THE FIRST VACANCY THEREOF. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03075-01-9
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