Assembly Bill A3729

2015-2016 Legislative Session

Requires companies aided by loans under Mitchell-Lama to notify tenants of buy out from mortgage options and a report by the commissioner or supervising agency

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Archive: Last Bill Status - On Floor Calendar


  • 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

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2015-A3729 (ACTIVE) - Details

Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: A6568
2017-2018: A5559
2019-2020: A4190
2021-2022: A3682
2023-2024: A4706

2015-A3729 (ACTIVE) - Summary

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.

2015-A3729 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3729

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2015
                               ___________

Introduced by M. of A. WRIGHT -- read once and referred to the Committee
  on Housing

AN  ACT to amend the private housing finance law, in relation to notifi-
  cation of tenants of pending "buy out" from mortgages by Mitchell-Lama
  building owners

  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 three new subdivisions 5, 6 and 7 to read as follows:
  5.  (A)  ANY  COMPANY  WHICH INTENDS TO DISSOLVE OR OTHERWISE TAKE ANY
ACTION WHICH WOULD CAUSE THE COMPANY TO NO LONGER BE SUBJECT  TO  SUPER-
VISION  OF  THE  COMMISSIONER OR THE SUPERVISING AGENCY SHALL PROVIDE TO
EVERY PERSON THAT CURRENTLY HAS A LEASE FOR HOUSING IN  THE  PROJECT  OF
SUCH  COMPANY,  NOTICE  NOT  LESS THAN TWELVE MONTHS PRIOR TO THE ANTIC-
IPATED DATE OF SUCH ACTION CONTAINING THE FOLLOWING INFORMATION IN PLAIN
LANGUAGE:
  (I) THE NATURE OF THE ACTION WHICH THE COMPANY INTENDS TO TAKE;
  (II) THE DATE ON WHICH SUCH ACTION IS ANTICIPATED TO TAKE PLACE;
  (III) THE PROVISIONS OF LAW  OR  REGULATION  PURSUANT  TO  WHICH  SUCH
ACTION IS AUTHORIZED; AND
  (IV)  A  SUMMARY OF THE POTENTIAL CONSEQUENCES OF SUCH ACTION, INCLUD-
ING, BUT NOT LIMITED TO, ITS EFFECT ON THE FOLLOWING:
  (1) OWNERSHIP OF THE PROJECT;
  (2) SUPERVISION OF THE PROJECT;
  (3) EXPENSES OF THE PROJECT, WHICH SHALL INCLUDE BUT NOT BE LIMITED TO
TAXES AND OTHER MUNICIPAL CHARGES;
  (4) RENTS; AND
  (5) ANY GOVERNMENTAL APPROVALS OR AUTHORIZATION, IF ANY, NECESSARY FOR
SUCH ACTION TO OCCUR, INCLUDING INFORMATION SETTING  FORTH  THE  GOVERN-
MENTAL  BODY THAT WOULD NEED TO ISSUE SUCH APPROVAL OR AUTHORIZATION AND
THE DATES BY WHICH SUCH APPROVAL OR AUTHORIZATION WOULD BE REQUIRED.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05288-01-5
              

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