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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 05, 2022 |
referred to housing |
| Mar 04, 2021 |
referred to housing |
Assembly Bill A5971
2021-2022 Legislative Session
Establishes the "tenant opportunity to purchase act"
download bill text pdfSponsored By
MITAYNES
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
Sarah Clark
Phara Souffrant Forrest
Zohran Mamdani
Daniel O'Donnell
Khaleel Anderson
Emily Gallagher
Rebecca Seawright
Harvey Epstein
Robert C. Carroll
Karines Reyes
Jeffrion Aubry
Charles Barron
Richard Gottfried
Chantel Jackson
Jo Anne Simon
Linda Rosenthal
Demond Meeks
Anna Kelles
Jessica Gonzalez-Rojas
Harry B. Bronson
William Colton
Patricia Fahy
Kenny Burgos
Phil Steck
Jeffrey Dinowitz
Eddie Gibbs
Manny De Los Santos
Brian Cunningham
Al Taylor
Catalina Cruz
2021-A5971 (ACTIVE) - Details
2021-A5971 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5971
2021-2022 Regular Sessions
I N A S S E M B L Y
March 4, 2021
___________
Introduced by M. of A. MITAYNES -- read once and referred to the Commit-
tee on Housing
AN ACT to amend the real property actions and proceedings law, in
relation to establishing the tenant opportunity to purchase act
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "tenant opportunity to purchase act".
§ 2. Legislative findings. The legislature finds that there is a
significant unmet need for affordable housing for low-income people and
families. Almost half of all New York State tenants -- in both urban and
suburban areas -- are rent-burdened. In the Hudson Valley and the South-
ern Tier, and in non-municipal Green and Suffolk counties, more than 60%
of New Yorkers are paying over 30% of their income toward rent. More-
over, between 2012 and 2017, New York State lost more than 160,000
affordable rental homes, almost 55,000 of them outside of New York City,
Westchester and Long Island. This has led to an increase in an already
escalating homelessness crisis. According to HUD's 2019 Point in Time
Estimate, approximately 79,000 people were homeless in New York State.
The legislature recognizes that New York's rental housing market has
become even more threatened by the outbreak of novel coronavirus,
COVID-19, which, as of the date of this legislation, created destabi-
lized housing, loss of employment and income, closure of business and
schools and financial insecurity in the state of New York. The legisla-
ture finds that the loss of employment, illness and deaths caused by the
COVID-19 outbreak have rendered many individuals and families unable to
pay for the costs of housing and other life necessities. U.S. Census'
Household Pulse survey shows that in the last week of May 2020, 29% of
all NYS tenants showed little to no confidence in being able to make
their June rent payment. The share was higher among Black tenants (41%),
Latinx tenants (41%) and tenants earning less than $50K (34%).
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08604-01-1
A. 5971 2
The legislature finds that the sudden decline in rent payments as a
result of COVID-19--particularly on properties overloaded with debt --
coupled with the ensuing economic recession will lead to evictions and
speculation, resulting in the loss of vital and irreplaceable affordable
housing as well as the decline in affordable community-ownership and
home-ownership opportunities for New Yorkers. This was evident in the
Great Recession of 2008. Before and in the immediate aftermath of that
crisis, multinational private equity firms had access to capital and
low-interest rates at a time when many New Yorkers were losing employ-
ment and income. With that uneven access, they were able to enter a
modest and localized multi-family rental market, purchasing 100,000
units in New York City alone, which represented 10% of all rent-regulat-
ed housing. Only a few years after the crisis, between 2014 and 2017,
rents for vacant units increased 29.9% above inflation, exacerbating an
existing housing and homelessness crisis and displacing tenants in crit-
ical need of affordable housing.
The legislature further finds that in order to prevent increased
displacement of lower-income tenants and preserve New York's affordable
housing market, it is necessary and appropriate to require that, in the
cases defined herein, owners of rental properties in the State offer
tenants the first opportunity to purchase and qualified purchasers the
second opportunity to purchase the property before it may be sold on the
market to a third-party purchaser.
The legislature further finds that such action is necessary in order
to prevent exactions of unjust, unreasonable and oppressive rental
agreements and evictions, and to forestall profiteering, speculation and
other disruptive practices tending to produce further threats to public
health; that the normal market of free bargaining between landlord and
tenant, while still the objective of state policy, must be administered
with due regard for the uncertainty, hardship and dislocation caused by
the current health, housing and unemployment crises.
The legislature therefore declares that the provisions of this act are
necessary and designed to protect the public health, safety and general
welfare of New Yorkers, as well as the economic stability and viability
of neighborhoods.
§ 3. The real property actions and proceedings law is amended by
adding a new article 7-C to read as follows:
ARTICLE 7-C
TENANT OPPORTUNITY TO PURCHASE ACT
SECTION 799. DEFINITIONS.
799-A. AUTHORITY.
799-B. APPLICABILITY.
799-C. EXEMPTIONS.
799-D. FIRST RIGHT TO PURCHASE.
799-E. TENANT DECISION-MAKING; TENANT ORGANIZATIONS.
799-F. QUALIFIED PURCHASERS.
799-G. SUPPORTIVE PARTNERS.
799-H. ASSIGNMENT OF RIGHTS.
799-I. WAIVER OF RIGHTS.
799-J. NOTICE REQUIREMENTS.
799-K. RIGHT OF FIRST OFFER.
799-L. RIGHT OF FIRST REFUSAL.
799-M. THIRD-PARTY RIGHTS.
799-N. RIGHT TO APPRAISAL.
799-O. PURCHASE CONTRACT NEGOTIATION.
799-P. NO SELLING OF RIGHTS.
A. 5971 3
799-Q. TENANT PROTECTIONS.
799-R. PRICE STABILIZATION.
799-S. INCENTIVES.
799-T. ENFORCEMENT.
799-U. STATUTORY CONSTRUCTION.
799-V. ADMINISTRATION AND REPORTS.
799-W. SEVERABILITY.
§ 799. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
TERMS SHALL HAVE THE FOLLOWING MEANINGS:
1. "AMI" OR "AREA MEDIAN INCOME" MEANS AREA MEDIAN INCOME ESTABLISHED
BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD), PURSUANT
TO 42 U.S.C. § 1427 ET SEQ., TO ESTABLISH LOCAL INCOME CLASSIFICATION
LEVELS.
2. "APPRAISED VALUE" MEANS THE VALUE OF THE RENTAL HOUSING ACCOMMO-
DATION AS OF THE DATE OF THE APPRAISAL, BASED ON AN OBJECTIVE, INDEPEND-
ENT PROPERTY VALUATION, PERFORMED ACCORDING TO PROFESSIONAL APPRAISAL
INDUSTRY STANDARDS.
3. "BONA FIDE OFFER OF SALE" MEANS AN OFFER OF SALE FOR A RENTAL HOUS-
ING ACCOMMODATION THAT IS EITHER:
(A) FOR A PRICE AND OTHER MATERIAL TERMS AT LEAST AS FAVORABLE TO A
TENANT, TENANT ORGANIZATION, AND QUALIFIED PURCHASER AS THOSE THAT THE
OWNER HAS OFFERED, ACCEPTED, OR IS CONSIDERING OFFERING OR ACCEPTING,
FROM A PURCHASER IN AN ARM'S LENGTH THIRD-PARTY PURCHASE CONTRACT; OR
(B) IN THE ABSENCE OF AN ARM'S LENGTH THIRD-PARTY PURCHASE CONTRACT,
AN OFFER OF SALE CONTAINING A SALES PRICE LESS THAN OR EQUAL TO A PRICE
AND OTHER MATERIAL TERMS COMPARABLE TO THAT AT WHICH A WILLING SELLER
AND A WILLING BUYER WOULD SELL AND PURCHASE THE RENTAL HOUSING ACCOMMO-
DATION, OR AN APPRAISED VALUE.
4. "CPI" OR "CONSUMER PRICE INDEX" MEANS THE CONSUMER PRICE INDEX
PUBLISHED BY THE UNITED STATES DEPARTMENT OF LABOR, BUREAU OF LABOR
STATISTICS FOR THE NORTHEAST CENSUS REGION. IF PUBLICATION OF THE
CONSUMER PRICE INDEX CEASES, OR IF IT IS OTHERWISE UNAVAILABLE OR IS
ALTERED IN A WAY AS TO BE UNUSABLE, HCR SHALL DETERMINE THE USE OF AN
APPROPRIATE SUBSTITUTE INDEX PUBLISHED BY THE UNITED STATES DEPARTMENT
OF LABOR, BUREAU OF LABOR STATISTICS OR ANY SUCCESSOR AGENCY.
5. "COMMUNITY LAND TRUST" MEANS A NONPROFIT CORPORATION ORGANIZED
PURSUANT TO SECTION 501 (C) (3) OF THE U.S. INTERNAL REVENUE CODE THAT
SATISFIES ALL OF THE FOLLOWING CRITERIA:
(A) SUCH NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE CREATION AND
MAINTENANCE OF PERMANENTLY AFFORDABLE SINGLE-FAMILY OR MULTIFAMILY RESI-
DENCES;
(B) ALL DWELLINGS AND UNITS ON THE LAND OWNED BY THE NONPROFIT CORPO-
RATION ARE SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS AND FAMILIES OF LOW
INCOME AS DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE
HOUSING FINANCE LAW; AND
(C) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH A DWELLING
OR UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH CORPO-
RATION TO THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND USE OF
SUCH DWELLING OR UNIT FOR A RENEWABLE TERM OF NINETY-NINE YEARS.
5-A. "DAYS" SHALL MEAN BUSINESS DAYS UNLESS OTHERWISE INDICATED.
6. "GOVERNING DOCUMENT" MEANS A CONSTITUTION, ARTICLES, BYLAWS, OPER-
ATING AGREEMENT, OR OTHER WRITINGS THAT GOVERN THE PURPOSE AND OPERATION
OF A TENANT ORGANIZATION AND THE RIGHTS AND OBLIGATIONS OF ITS MEMBERS,
WHICH SHALL INCLUDE PROVISIONS ON THE TENANT ORGANIZATION'S DECISION-
A. 5971 4
MAKING PROCESSES AND APPOINTING OFFICERS AND OTHER AUTHORIZED AGENTS TO
ACT ON ITS BEHALF.
7. "GOVERNING PRINCIPLES" MEANS THE GOVERNANCE AND MANAGEMENT PRINCI-
PLES STATED IN A TENANT ORGANIZATION'S GOVERNING DOCUMENTS.
8. "HCR" MEANS NEW YORK STATE HOMES AND COMMUNITY RENEWAL, OR ITS
SUCCESSOR AGENCY.
9. "HIGHEST AND BEST USE" MEANS THE REASONABLY PROBABLE LEGAL USE OF A
PROPERTY THAT IS PHYSICALLY POSSIBLE, APPROPRIATELY SUPPORTED, AND
FINANCIALLY FEASIBLE AND THAT RESULTS IN THE HIGHEST VALUE OF THE PROP-
ERTY.
10. "LIMITED EQUITY HOUSING COOPERATIVE" MEANS A LIMITED EQUITY COOP-
ERATIVE ORGANIZED AS A NONPROFIT HOUSING DEVELOPMENT FUND COMPANY PURSU-
ANT TO ARTICLE ELEVEN OF THE PRIVATE HOUSING FINANCE LAW.
11. "MAJORITY" MEANS AN AFFIRMATIVE VOTE OF MORE THAN FIFTY PERCENT
REQUIRED FOR DECISION-MAKING UNDER THIS ARTICLE.
12. "MATTER-OF-RIGHT" MEANS A LAND USE, DEVELOPMENT DENSITY, OR STRUC-
TURAL DIMENSION TO WHICH A PROPERTY OWNER IS ENTITLED BY CURRENT ZONING
REGULATIONS OR LAW.
13. "OWNER" MEANS ONE OR MORE PERSONS, CORPORATION, PARTNERSHIP,
LIMITED LIABILITY COMPANY, TRUSTEE, OR ANY OTHER ENTITY, WHO IS THE
OWNER OF RECORD OF A RENTAL HOUSING ACCOMMODATION AT THE TIME OF GIVING
NOTICE OF INTENTION TO SELL, AND EACH PERSON, CORPORATION, PARTNERSHIP,
LIMITED LIABILITY COMPANY, TRUSTEE, OR ANY OTHER ENTITY, WHO, DIRECTLY
OR INDIRECTLY, OWNS FIFTY PERCENT OR MORE OF THE EQUITY INTERESTS IN
SUCH RENTAL HOUSING ACCOMMODATION AT THE TIME OF GIVING NOTICE OF INTEN-
TION TO SELL. FOR PURPOSES OF COMPLYING WITH THE NOTICE REQUIREMENTS
DESCRIBED IN THIS ARTICLE, "OWNER" MAY REFER TO ANY PERSON ACTING AS AN
AUTHORIZED AGENT OF THE OWNER.
14. "PERMANENT AFFORDABILITY" MEANS THAT FUTURE RENTS AND FUTURE SALES
PRICES OF A RENTAL HOUSING ACCOMMODATION, OR SEPARATE OWNERSHIP INTER-
ESTS IN SUCH RENTAL HOUSING ACCOMMODATION, SHALL BE MADE AFFORDABLE TO
HOUSEHOLDS WITH TARGETED INCOME LEVELS.
15. "PURCHASE CONTRACT", A BINDING WRITTEN AGREEMENT WHEREBY AN OWNER
AGREES TO SELL PROPERTY INCLUDING, WITHOUT LIMITATION, A PURCHASE AND
SALE AGREEMENT, CONTRACT OF SALE, PURCHASE OPTION OR OTHER SIMILAR
INSTRUMENT.
16. "QUALIFIED PURCHASER" MEANS A QUALIFIED PURCHASER MEETING THE
CRITERIA DESCRIBED IN SECTION SEVEN HUNDRED NINETY-NINE-F OF THIS ARTI-
CLE.
17. "RENT" SHALL HAVE THE SAME MEANING AS IN SECTION SEVEN HUNDRED TWO
OF THIS CHAPTER.
18. "RENTAL AGREEMENT" MEANS AN AGREEMENT, ORAL, WRITTEN OR IMPLIED,
BETWEEN AN OWNER AND A TENANT FOR USE OR OCCUPANCY OF A UNIT AND FOR
HOUSING SERVICES.
19. "RENTAL HOUSING ACCOMMODATION" MEANS ANY REAL PROPERTY, INCLUDING
THE LAND APPURTENANT THERETO, CONTAINING ONE OR MORE RENTAL UNITS AND
LOCATED IN NEW YORK STATE.
20. "RENTAL UNIT" OR "UNIT" MEANS ANY UNIT IN ANY REAL PROPERTY,
INCLUDING THE LAND APPURTENANT THERETO, THAT IS AVAILABLE FOR RENT FOR
RESIDENTIAL USE OR OCCUPANCY, LOCATED IN NEW YORK STATE, TOGETHER WITH
ALL HOUSING SERVICES CONNECTED WITH THE USE OR OCCUPANCY OF SUCH PROPER-
TY SUCH AS COMMON AREAS AND RECREATIONAL FACILITIES HELD OUT FOR USE BY
THE TENANT.
21. "SALE" OR "SELL" MEANS THE TRANSFER, IN EXCHANGE FOR MONEY OR ANY
OTHER THING OF ECONOMIC VALUE, OF A PRESENT INTEREST IN THE RENTAL HOUS-
ING ACCOMMODATION, INCLUDING BENEFICIAL USE, WHERE THE VALUE OF THE
A. 5971 5
PRESENT INTEREST IS THE FEE INTEREST IN THE RENTAL HOUSING ACCOMMO-
DATION, OR SUBSTANTIALLY EQUAL TO THE VALUE OF THAT FEE INTEREST. FOR
PURPOSES OF THIS DEFINITION, A "TRANSFER" MAY INCLUDE THOSE COMPLETED IN
ONE TRANSACTION OR A SERIES OF TRANSACTIONS OVER A PERIOD OF TIME.
22. "SINGLE FAMILY HOME" MEANS ANY RENTAL HOUSING ACCOMMODATION
COMPRISED OF NO MORE THAN ONE RENTAL UNIT, WHETHER OR NOT THE RENTAL
UNIT HAS ONE OR MORE TENANT HOUSEHOLDS. A SINGLE FAMILY HOME SHALL
INCLUDE A CONDOMINIUM DWELLING.
23. "SUPPORTIVE PARTNER" MEANS A "SUPPORTIVE PARTNER" MEETING THE
CRITERIA SET FORTH IN SECTION SEVEN HUNDRED NINETY-NINE-G OF THIS ARTI-
CLE.
24. "TENANT" MEANS ONE OR MORE RENTER, TENANT, SUBTENANT, LESSEE, SUB
LESSEE, OR OTHER PERSON ENTITLED TO THE POSSESSION, OCCUPANCY, OR BENE-
FITS OF A RENTAL UNIT WITHIN A RENTAL HOUSING ACCOMMODATION. "TENANT"
SHALL NOT INCLUDE TRANSIENT GUESTS WHO USE OR OCCUPY A UNIT FOR LESS
THAN FOURTEEN CONSECUTIVE DAYS.
25. "TENANT HOUSEHOLD" MEANS ONE OR MORE TENANTS, WHETHER OR NOT
RELATED BY BLOOD, MARRIAGE OR ADOPTION, SHARING A DWELLING UNIT IN A
LIVING ARRANGEMENT USUALLY CHARACTERIZED BY SHARING LIVING EXPENSES,
SUCH AS RENT OR MORTGAGE PAYMENTS, FOOD COSTS AND UTILITIES, AS WELL AS
MAINTAINING A SINGLE LEASE OR RENTAL AGREEMENT FOR ALL MEMBERS OF THE
HOUSEHOLD AND OTHER SIMILAR CHARACTERISTICS INDICATIVE OF A SINGLE
HOUSEHOLD.
26. "TENANT-OCCUPIED UNIT" MEANS ANY RENTAL UNIT CURRENTLY OCCUPIED BY
ONE OR MORE TENANTS.
27. "TENANT ORGANIZATION" MEANS TENANTS WHO HAVE ORGANIZED THEMSELVES
AS A LEGAL ENTITY THAT:
(A) CAN ACQUIRE AN INTEREST IN REAL PROPERTY;
(B) REPRESENTS AT LEAST A MAJORITY OF THE TENANT-OCCUPIED RENTAL UNITS
IN A RENTAL HOUSING ACCOMMODATION AS OF THE DATE OF THE OWNER'S NOTICE
OF INTENT TO SELL PURSUANT TO SECTION SEVEN HUNDRED NINETY-NINE-K OF
THIS ARTICLE;
(C) HAS ADOPTED A GOVERNING DOCUMENT AND GOVERNING PRINCIPLES; AND
(D) HAS APPOINTED OFFICERS AND ANY OTHER AUTHORIZED AGENTS SPECIF-
ICALLY DESIGNATED TO EXECUTE CONTRACTS OR ACT ON ITS BEHALF.
28. "THIRD-PARTY PURCHASER" MEANS ANY PERSON OR ENTITY OTHER THAN A
TENANT, TENANT ORGANIZATION, OR QUALIFIED PURCHASER, ENGAGED OR SEEKING
TO ENGAGE, IN PURCHASING A RENTAL HOUSING ACCOMMODATION FROM AN OWNER
UNDER THIS ARTICLE.
29. "TOPA BUYER" MEANS A TENANT, TENANT ORGANIZATION, OR QUALIFIED
PURCHASER THAT IS PURCHASING OR HAS PURCHASED A RENTAL HOUSING ACCOMMO-
DATION FROM AN OWNER UNDER THIS ARTICLE.
30. "UNDER THREAT OF EMINENT DOMAIN" REFERS TO THE COMMENCEMENT OF THE
PROCESS OF EMINENT DOMAIN, INCLUDING BUT NOT LIMITED TO, ANY FORMAL OR
INFORMAL CONTACT WITH THE OWNER BY THE GOVERNMENT OR GOVERNMENT AGENTS
REGARDING THE POTENTIAL OR ONGOING ASSERTION OF EMINENT DOMAIN, AND ANY
HEARINGS OR COURT PROCEEDINGS REGARDING THE SAME.
§ 799-A. AUTHORITY. HCR AND THEIR DESIGNEES SHALL BE AUTHORIZED TO
ENFORCE THE PROVISIONS OF THIS ARTICLE, AND FOR SUCH PURPOSES, SHALL
HAVE THE POWERS OF A LAW ENFORCEMENT OFFICER. HCR SHALL BE AUTHORIZED TO
ESTABLISH STANDARDS, POLICIES, AND PROCEDURES FOR THE IMPLEMENTATION OF
THE PROVISIONS OF THIS ARTICLE TO FURTHER THE PURPOSE SET FORTH IN THIS
ARTICLE.
§ 799-B. APPLICABILITY. TOPA SHALL APPLY TO ALL RENTAL HOUSING ACCOM-
MODATIONS UNLESS OTHERWISE EXEMPTED BY THIS ARTICLE.
A. 5971 6
§ 799-C. EXEMPTIONS. 1. RESIDENTIAL PROPERTY TYPES EXEMPTED. THE
FOLLOWING RESIDENTIAL PROPERTIES SHALL NOT BE CONSIDERED COVERED PROPER-
TIES FOR PURPOSES OF THIS ARTICLE:
(A) PROPERTIES OWNED BY THE MUNICIPAL, STATE, OR FEDERAL GOVERNMENTS.
(B) PROPERTIES OWNED BY AND OPERATED AS A HOSPITAL, CONVENT, MONAS-
TERY, EXTENDED CARE FACILITY, CONVALESCENT HOME, OR DORMITORIES OWNED BY
EDUCATIONAL INSTITUTIONS.
(C) SINGLE-UNIT PROPERTIES THAT ARE NOT OWNED BY A CORPORATION OR A
LIMITED LIABILITY COMPANY IN WHICH AT LEAST ONE MEMBER IS A CORPORATION.
(D) PROPERTIES PROPERLY LICENSED AS A HOTEL OR MOTEL.
(E) RESIDENTIAL PROPERTIES THAT AN OWNER IS REFINANCING IN ORDER TO
MAINTAIN OWNERSHIP OF SUCH PROPERTIES.
(F) MULTIPLE DWELLING UNITS OR GROUPS OF MULTIPLE DWELLING UNITS
MANAGED TOGETHER UNDER THE SAME PRIVATE OWNERSHIP IN WHICH THE MAJORITY
OF DWELLING UNITS THEREIN THAT WILL CONTINUE TO BE SUBJECT TO FEDERAL,
STATE, OR CITY INCOME ELIGIBILITY RESTRICTIONS AND IN WHICH RENTS FOR
SUCH DWELLING UNITS ARE CONTROLLED, REGULATED, OR ASSISTED BY A FEDERAL,
STATE, OR CITY AGENCY PURSUANT TO A REGULATORY AGREEMENT OR RENTAL
ASSISTANCE AGREEMENT DESIGNED TO MAKE SUCH DWELLING UNITS AFFORDABLE ON
A PROJECT-BASED BASIS. ASSISTED RENTAL HOUSING PROGRAMS SHALL INCLUDE:
(I) ANY PROGRAM CREATED, ADMINISTERED, OR SUPERVISED BY THE CITY OR
STATE UNDER ARTICLE TWO, FOUR, OR ELEVEN OF THE PRIVATE HOUSING FINANCE
LAW, BUT SHALL NOT INCLUDE ANY MULTIPLE DWELLING OWNED OR OPERATED BY A
COMPANY ORGANIZED UNDER ARTICLE TWO OR FOUR OF THE PRIVATE HOUSING
FINANCE LAW THAT WAS OCCUPIED PRIOR TO JANUARY FIRST, NINETEEN HUNDRED
SEVENTY-FOUR;
(II) ANY PROGRAM PROVIDING PROJECT-BASED ASSISTANCE UNDER SECTION
EIGHT OF THE UNITED STATES HOUSING ACT OF 1937, AS AMENDED; AND
(III) HOUSING PROGRAMS GOVERNED BY SECTIONS 202, 207, 221, 232, 236,
OR 811 OF THE FEDERAL NATIONAL HOUSING ACT, 12 U.S.C. 1701 ET SEQ., AS
AMENDED.
2. TRANSFERS EXEMPTED. THE FOLLOWING TRANSFERS SHALL BE EXEMPTED FOR
THE PURPOSES OF THIS ARTICLE:
(A) AN INTER-VIVOS TRANSFER, EVEN WHEN TRANSFERRED IN EXCHANGE FOR
CONSIDERATION, BETWEEN SPOUSES, DOMESTIC PARTNERS, PARENT AND CHILD,
SIBLINGS, GRANDPARENT AND GRANDCHILD.
(B) A TRANSFER FOR CONSIDERATION, BY A DECEDENT'S ESTATE TO MEMBERS OF
THE DECEDENT'S FAMILY IF THE CONSIDERATION ARISING FROM THE TRANSFER
WILL PASS FROM THE DECEDENT'S ESTATE TO, OR SOLELY FOR THE BENEFIT OF,
CHARITY. FOR THE PURPOSES OF THIS PARAGRAPH, THE TERM "MEMBERS OF THE
DECEDENT'S FAMILY" SHALL INCLUDE:
(I) A SPOUSE, DOMESTIC PARTNER, PARENT, CHILD, GRANDPARENT, GRAND-
CHILD; AND
(II) A TRUST FOR THE PRIMARY BENEFIT OF A SPOUSE, DOMESTIC PARTNER,
PARENT, CHILD, GRANDPARENT, OR GRANDCHILD.
(C) A TRANSFER OF BARE LEGAL TITLE INTO A REVOCABLE TRUST, WITHOUT
ACTUAL CONSIDERATION FOR THE TRANSFER, WHERE THE TRANSFEROR IS THE
CURRENT BENEFICIARY OF THE TRUST.
(D) A TRANSFER TO A NAMED BENEFICIARY OF A REVOCABLE TRUST BY REASON
OF THE DEATH OF THE GRANTOR OF THE REVOCABLE TRUST.
(E) A TRANSFER PURSUANT TO COURT ORDER OR COURT-APPROVED SETTLEMENT.
(F) A TRANSFER BY EMINENT DOMAIN OR UNDER THREAT OF EMINENT DOMAIN.
(G) A TRANSFER OF A RESIDENTIAL BUILDING TO A TENANT ORGANIZATION OR
QUALIFIED PURCHASER PURSUANT TO A TRANSFER AGREEMENT IN EFFECT ON THE
EFFECTIVE DATE OF THIS ARTICLE, EXCEPT THAT ANY RENEWAL, MODIFICATION,
A. 5971 7
OR AMENDMENT OF SUCH AGREEMENT OCCURRING ON OR AFTER THE EFFECTIVE DATE
OF THIS ARTICLE SHALL BE SUBJECT TO THE PROVISIONS OF THIS ARTICLE.
3. EXEMPTION PROCEDURES AND BURDEN OF PROOF. (A) THE BURDEN OF PROOF
TO ESTABLISH THAT A PROPERTY TYPE OR PLANNED TRANSACTION IS EXEMPT UNDER
THIS ARTICLE SHALL BE ON THE OWNER OF THE RENTAL HOUSING ACCOMMODATION.
(B) THE OWNER OF A RENTAL HOUSING ACCOMMODATION WHO BELIEVES THAT THEY
SHOULD BE GRANTED AN EXEMPTION UNDER THIS ARTICLE SHALL COMPLY WITH
PROCEDURES THAT HCR SHALL CREATE FOR CLAIMING SUCH AN EXEMPTION.
4. VOLUNTARY ELECTION TO PARTICIPATE. AN OWNER WHOSE PROPERTY OR
PLANNED TRANSACTION IS EXEMPT FROM THIS ARTICLE PURSUANT TO SECTIONS
SEVEN HUNDRED NINETY-NINE-B OR SEVEN HUNDRED NINETY-NINE-C OF THIS ARTI-
CLE MAY ELECT TO SUBJECT HIS OR HER PROPERTY TO THIS ARTICLE BY COMPLY-
ING WITH PROCEDURES THAT HCR SHALL PROMULGATE THROUGH REGULATIONS,
PROVIDED THAT THE OWNER WHO VOLUNTARILY SUBJECTS HIS OR HER PROPERTY TO
THIS ARTICLE SHALL COMPLY WITH THIS ARTICLE IN ITS ENTIRETY. EACH TENANT
LIVING IN SUCH PROPERTY SHALL BE GRANTED ALL OF THE RIGHTS DESCRIBED IN
THIS ARTICLE, INCLUDING THE OPPORTUNITY TO DECIDE WHETHER TO EXERCISE
THEIR FIRST RIGHT OF PURCHASE UNDER SECTION SEVEN HUNDRED NINETY-NINE-D
OF THIS ARTICLE. NO OWNER SHALL BE ELIGIBLE FOR INCENTIVES DESCRIBED IN
SECTION SEVEN HUNDRED NINETY-NINE-T OF THIS ARTICLE WITHOUT COMPLYING
WITH THIS ARTICLE IN ITS ENTIRETY.
§ 799-D. FIRST RIGHT TO PURCHASE. THIS SECTION SHALL BE CONSTRUED TO
CONFER UPON EACH TENANT A FIRST RIGHT TO PURCHASE A RENTAL HOUSING
ACCOMMODATION, SUBJECT TO THE EXEMPTIONS IN SECTION SEVEN HUNDRED NINE-
TY-NINE-C OF THIS ARTICLE, IN A MANNER CONSISTENT WITH THIS SECTION. THE
FIRST RIGHT TO PURCHASE SHALL CONSIST OF BOTH A RIGHT OF FIRST OFFER, AS
SET FORTH IN SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE, AND A
RIGHT OF FIRST REFUSAL, AS SET FORTH IN SECTION SEVEN HUNDRED NINETY-
NINE-L OF THIS ARTICLE. THE FIRST RIGHT TO PURCHASE SHALL BE CONFERRED
TO EACH TENANT BUT SHALL BE EXERCISED COLLECTIVELY PURSUANT TO SECTION
SEVEN HUNDRED NINETY-NINE-E OF THIS ARTICLE. THE FIRST RIGHT TO PURCHASE
SHALL INCLUDE THE RIGHT TO ASSIGN SUCH RIGHTS TO A QUALIFIED PURCHASER
AS SET FORTH IN SECTION SEVEN HUNDRED NINETY-NINE-H OF THIS ARTICLE. THE
FIRST RIGHT TO PURCHASE SHALL BE CONFERRED WHERE THE OWNER INTENDS TO
SELL THE RENTAL HOUSING ACCOMMODATION. THIS SECTION SHALL NOT BE
CONSTRUED TO LIMIT ANY RIGHT OF FIRST OFFER OR FIRST REFUSAL PROVIDED
UNDER ANY LAW.
§ 799-E. TENANT DECISION-MAKING; TENANT ORGANIZATIONS. 1. TENANT
DECISION-MAKING. EXCEPT IN THE CASE OF A DULY FORMED TENANT ORGANIZA-
TION WITH ITS OWN ADOPTED GOVERNING DOCUMENT, ANY ACTION REQUIRED OF
TENANTS UNDER THIS ARTICLE SHALL BE APPROVED BY ONE OF THE FOLLOWING
DECISION-MAKING STANDARDS:
(A) IN THE CASE OF A RENTAL HOUSING ACCOMMODATION WITH MORE THAN ONE
TENANT-OCCUPIED UNIT, AT LEAST A MAJORITY OF TENANT-OCCUPIED UNITS.
(B) IN THE CASE OF A RENTAL HOUSING ACCOMMODATION WITH ONLY ONE
TENANT-OCCUPIED UNIT BUT MULTIPLE TENANT HOUSEHOLDS, AT LEAST A MAJORITY
OF TENANT HOUSEHOLDS.
(C) IN THE CASE OF A RENTAL HOUSING ACCOMMODATION WITH ONLY ONE TENANT
HOUSEHOLD, THE TENANT HOUSEHOLD.
2. TENANT ORGANIZATIONS. (A) IN ORDER TO SUBMIT AN OFFER OF PURCHASE
PURSUANT TO SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE AND
RESPOND TO THE OWNER'S OFFER OF SALE PURSUANT TO SECTION SEVEN HUNDRED
NINETY-NINE-L OF THIS ARTICLE, TENANTS SHALL:
(I) FORM A TENANT ORGANIZATION, APPROVED BY THE REQUIREMENTS DESCRIBED
IN SUBDIVISION ONE OF THIS SECTION, UNLESS SUCH A TENANT ORGANIZATION
ALREADY EXISTS IN A FORM APPROVED BY THE TENANTS. IF THERE IS ONLY ONE
A. 5971 8
TENANT HOUSEHOLD IN A RENTAL HOUSING ACCOMMODATION, THE TENANT HOUSEHOLD
MAY EXERCISE THE RIGHT OF FIRST OFFER AND RIGHT OF FIRST REFUSAL WITHOUT
FORMING A TENANT ORGANIZATION; HOWEVER, SUCH TENANT HOUSEHOLD SHALL
STILL COMPLY WITH SECTION SEVEN HUNDRED NINETY-NINE-G OF THIS ARTICLE.
(II) SELECT A SUPPORTIVE PARTNER, MEETING THE CRITERIA DESCRIBED IN
SECTION SEVEN HUNDRED NINETY-NINE-G OF THIS ARTICLE.
(III) DELIVER AN APPLICATION FOR REGISTRATION OF THE TENANT ORGANIZA-
TION, OR THE TENANT HOUSEHOLD, IF APPLICABLE, TO HCR, AND DELIVER A COPY
OF SUCH APPLICATION TO THE OWNER, BY HAND OR BY CERTIFIED MAIL ON OR
BEFORE THE DEADLINE OF SUBMITTING AN OFFER OF PURCHASE PURSUANT TO
SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE. SUCH APPLICATION
SHALL INCLUDE:
(A) THE NAME, ADDRESS, AND PHONE NUMBER OF TENANT OFFICERS AND THE
SUPPORTIVE PARTNER;
(B) A COPY OF THE FORMATION DOCUMENT, AS FILED;
(C) A COPY OF THE GOVERNING DOCUMENT;
(D) DOCUMENTED APPROVAL THAT THE TENANT ORGANIZATION REPRESENTS A
MAJORITY UNDER PARAGRAPH (A) OR (B) OF SUBDIVISION ONE OF THIS SECTION
AS OF THE TIME OF REGISTRATION; AND
(E) SUCH OTHER INFORMATION AS HCR MAY REASONABLY REQUIRE.
(B) TENANTS MAY FORM AND REGISTER THE TENANT ORGANIZATION WITH HCR
PURSUANT TO THIS SUBDIVISION AT ANY TIME, PROVIDED THAT THIS SECTION
SHALL NOT BE CONSTRUED TO ALTER THE TIME PERIODS WITHIN WHICH A TENANT
ORGANIZATION MAY EXERCISE THE RIGHTS AFFORDED BY THIS ARTICLE.
(C) UPON REGISTRATION WITH HCR, THE TENANT ORGANIZATION SHALL CONSTI-
TUTE THE SOLE REPRESENTATIVE OF THE TENANTS FOR PURPOSES OF THIS ARTI-
CLE.
§ 799-F. QUALIFIED PURCHASERS. 1. QUALIFIED PURCHASER CRITERIA. (A)
HCR SHALL ESTABLISH AN ADMINISTRATIVE PROCESS FOR CERTIFYING PURCHASERS
THAT SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING MINIMUM CRITE-
RIA:
(I) THE PURCHASER IS A BONA FIDE NONPROFIT, AS EVIDENCED BY THE FACT
THAT IT IS EXEMPT FROM FEDERAL INCOME TAX UNDER 26 U.S.C. § 501(C)(3);
(II) THE PURCHASER HAS DEMONSTRATED A COMMITMENT TO EITHER:
(III) DEMOCRATIC RESIDENTIAL CONTROL, AS EVIDENCED BY ITS OWNERSHIP
AND GOVERNANCE STRUCTURE AND RELATIONSHIP WITH RESIDENTS; OR
(IV) A COMMITMENT TO COMMUNITY ENGAGEMENT, AS EVIDENCED BY RELATION-
SHIPS WITH NEIGHBORHOOD-BASED ORGANIZATIONS OR TENANT COUNSELING ORGAN-
IZATIONS;
(V) THE PURCHASER HAS AGREED TO TRANSFER OWNERSHIP OF THE RENTAL HOUS-
ING ACCOMMODATION TO THE TENANTS WHEN FEASIBLE IF ITS TENANTS REQUEST
SUCH TRANSFER OF OWNERSHIP;
(VI) THE PURCHASER HAS DEMONSTRATED A COMMITMENT TO THE PROVISION OF
AFFORDABLE HOUSING FOR LOW, VERY LOW, AND EXTREMELY LOW INCOME NEW YORK
STATE RESIDENTS, AND TO PREVENT THE DISPLACEMENT OF SUCH RESIDENTS;
(VII) THE PURCHASER HAS AGREED TO OBLIGATE ITSELF AND ANY SUCCESSORS
IN INTEREST TO MAINTAIN THE PERMANENT AFFORDABILITY OF THE RENTAL HOUS-
ING ACCOMMODATION, IN ACCORDANCE WITH SECTION SEVEN HUNDRED
NINETY-NINE-R OF THIS ARTICLE;
(VIII) THE PURCHASER HAS DEMONSTRATED THE CAPACITY, INCLUDING, BUT NOT
LIMITED TO, THE LEGAL AND FINANCIAL CAPACITY, TO EFFECTIVELY ACQUIRE AND
MANAGE RESIDENTIAL REAL PROPERTY IN NEW YORK STATE;
(IX) THE PURCHASER HAS ACQUIRED OR PARTNERED WITH ANOTHER HOUSING
DEVELOPMENT ORGANIZATION OR NONPROFIT ORGANIZATION TO ACQUIRE AT LEAST
ONE RESIDENTIAL BUILDING USING ANY PUBLIC OR COMMUNITY FUNDING, OR HAS
ENTERED INTO A WRITTEN MEMORANDUM OF UNDERSTANDING WITH ANOTHER HOUSING
A. 5971 9
DEVELOPMENT ORGANIZATION OR NONPROFIT ORGANIZATION FOR THE PURPOSE OF
PARTNERING WITH A HOUSING DEVELOPMENT ORGANIZATION OR NONPROFIT ORGAN-
IZATION TO ACQUIRE RESIDENTIAL BUILDINGS USING PUBLIC OR COMMUNITY FUND-
ING; AND
(X) THE PURCHASER HAS AGREED TO ATTEND MANDATORY TRAINING TO BE DETER-
MINED, FROM TIME TO TIME, BY HCR.
(B) NOTWITHSTANDING ANY OTHER REQUIREMENT OF THIS ARTICLE, MUNICIPAL
HOUSING AUTHORITIES ESTABLISHED PURSUANT TO THE MUNICIPAL HOUSING
AUTHORITY LAW BY ANY COUNTY, CITY, OR FIRST CLASS VILLAGE OF THE STATE
SHALL BE DEEMED QUALIFIED PURCHASER FOR PURPOSES OF THIS ARTICLE.
2. CERTIFICATION, TERM, AND RENEWAL. PURCHASERS THAT HCR CERTIFIES AS
HAVING MET THE CRITERIA IN SUBDIVISION ONE OF THIS SECTION SHALL BE
KNOWN AS "QUALIFIED PURCHASERS". A PURCHASER'S CERTIFICATION AS A QUAL-
IFIED PURCHASER SHALL BE VALID FOR FOUR YEARS. HCR SHALL SOLICIT NEW
APPLICATIONS FOR QUALIFIED PURCHASER STATUS AT LEAST ONCE EACH CALENDAR
YEAR, AT WHICH TIME EXISTING QUALIFIED PURCHASERS SHALL BE ELIGIBLE TO
APPLY FOR RENEWED CERTIFICATION AS QUALIFIED PURCHASERS.
3. EXISTENCE AND PUBLICATION OF QUALIFIED PURCHASERS LIST. HCR SHALL
PUBLISH ON ITS WEBSITE, AND MAKE AVAILABLE UPON REQUEST, A LIST OF QUAL-
IFIED PURCHASERS. IN ADDITION TO SUCH OTHER INFORMATION AS HCR MAY
INCLUDE, SUCH LIST SHALL INCLUDE CONTACT INFORMATION FOR EACH QUALIFIED
PURCHASER. SUCH CONTACT INFORMATION SHALL INCLUDE, BUT NEED NOT BE
LIMITED TO, A MAILING ADDRESS, AN E-MAIL ADDRESS THAT THE QUALIFIED
PURCHASER MONITORS REGULARLY, AND A TELEPHONE NUMBER.
4. DISQUALIFICATION OF QUALIFIED PURCHASER AND CONFLICTS OF INTEREST.
HCR SHALL PROMPTLY INVESTIGATE ANY COMPLAINT ALLEGING THAT A QUALIFIED
PURCHASER HAS FAILED TO COMPLY WITH THIS SECTION. SUBJECT TO REGULATIONS
PROMULGATED BY HCR, IF, AFTER PROVIDING THE QUALIFIED PURCHASER WITH
NOTICE AND OPPORTUNITY TO BE HEARD, HCR DETERMINES THAT A PURCHASER
LISTED AS A QUALIFIED PURCHASER HAS FAILED TO COMPLY WITH THIS SECTION,
HCR MAY SUSPEND OR REVOKE THAT PURCHASER'S CERTIFICATION AS A QUALIFIED
PURCHASER. HCR SHALL ESTABLISH A PROCESS FOR ADDRESSING POTENTIAL AND
ACTUAL CONFLICTS OF INTERESTS THAT MAY ARISE AMONG SUPPORTIVE PARTNERS,
QUALIFIED PURCHASERS, AND TENANTS THROUGH PROMULGATION OF REGULATIONS.
§ 799-G. SUPPORTIVE PARTNERS. 1. SUPPORTIVE PARTNER CRITERIA. HCR
SHALL ESTABLISH AN ADMINISTRATIVE PROCESS FOR CERTIFYING INDIVIDUALS OR
ORGANIZATIONS THAT MEET THE FOLLOWING MINIMUM CRITERIA:
(A) THE INDIVIDUAL OR ORGANIZATION HAS DEMONSTRATED ABILITY AND CAPAC-
ITY TO GUIDE AND SUPPORT TENANTS IN FORMING A TENANT ORGANIZATION;
(B) THE INDIVIDUAL OR ORGANIZATION HAS DEMONSTRATED ABILITY AND CAPAC-
ITY TO ASSIST TENANTS IN UNDERSTANDING AND EXERCISING THEIR RIGHTS UNDER
THIS ARTICLE;
(C) THE INDIVIDUAL OR ORGANIZATION HAS DEMONSTRATED EXPERTISE, OR
EXISTING PARTNERSHIPS WITH OTHER ORGANIZATIONS WITH DEMONSTRATED EXPER-
TISE, TO COUNSEL TENANTS ON FIRST-TIME HOMEOWNERSHIP AND COLLECTIVE
OWNERSHIP STRUCTURES;
(D) THE INDIVIDUAL OR ORGANIZATION HAS A DEMONSTRATED COMMITMENT TO
CREATING DEMOCRATIC RESIDENT-CONTROLLED HOUSING; AND
(E) THE INDIVIDUAL OR ORGANIZATION HAS AGREED TO ATTEND MANDATORY
TRAININGS, TO BE DETERMINED, FROM TIME TO TIME, BY HCR.
2. CERTIFICATION, TERM, AND RENEWAL. INDIVIDUALS AND ORGANIZATIONS
THAT HCR CERTIFIES AS HAVING MET THE CRITERIA IN SUBDIVISION ONE OF THIS
SECTION SHALL BE KNOWN AS "SUPPORTIVE PARTNERS". AN INDIVIDUAL OR ORGAN-
IZATION'S CERTIFICATION AS A SUPPORTIVE PARTNER SHALL BE VALID FOR FOUR
YEARS. HCR SHALL SOLICIT NEW APPLICATIONS FOR SUPPORTIVE PARTNER STATUS
AT LEAST ONCE EACH CALENDAR YEAR, AT WHICH TIME EXISTING SUPPORTIVE
A. 5971 10
PARTNERS SHALL BE ELIGIBLE TO APPLY FOR RENEWED CERTIFICATION AS
SUPPORTIVE PARTNERS.
3. PURPOSE OF SUPPORTIVE PARTNER. A SUPPORTIVE PARTNER SHALL FUNCTION
IN A SUPPORTIVE ROLE TO ASSIST TENANTS IN EXERCISING THEIR RIGHTS UNDER
THIS ARTICLE. THIS ARTICLE SHALL NOT CONFER ANY RIGHTS TO A SUPPORTIVE
PARTNER. A SUPPORTIVE PARTNER SHALL BE DISTINCT FROM A QUALIFIED
PURCHASER THAT IS CONFERRED SUBORDINATED RIGHTS UNDER THIS ARTICLE AS
DESCRIBED IN SECTION SEVEN HUNDRED NINETY-NINE-D OF THIS ARTICLE. HCR
MAY DETERMINE THAT A QUALIFIED PURCHASER DESCRIBED IN SECTION SEVEN
HUNDRED NINETY-NINE-F OF THIS ARTICLE THAT MEETS THE CRITERIA IN SUBDI-
VISION ONE OF THIS SECTION SHALL ALSO BE ELIGIBLE TO SERVE AS A SUPPORT-
IVE PARTNER. HCR MAY ALSO SERVE AS A SUPPORTIVE PARTNER.
4. EXISTENCE AND PUBLICATION OF SUPPORTIVE PARTNERS LIST. HCR SHALL
PUBLISH ON ITS WEBSITE, AND MAKE AVAILABLE UPON REQUEST, A LIST OF
SUPPORTIVE PARTNERS. IN ADDITION TO SUCH OTHER INFORMATION AS HCR MAY
INCLUDE, THIS LIST SHALL INCLUDE CONTACT INFORMATION FOR EACH SUPPORTIVE
PARTNER. SUCH CONTACT INFORMATION SHALL INCLUDE, BUT NEED NOT BE LIMITED
TO, A MAILING ADDRESS, AN E-MAIL ADDRESS THAT THE SUPPORTIVE PARTNER
MONITORS REGULARLY, AND A TELEPHONE NUMBER.
5. DISQUALIFICATION OF SUPPORTIVE PARTNER AND CONFLICTS OF INTEREST.
HCR SHALL PROMPTLY INVESTIGATE ANY COMPLAINT ALLEGING THAT A SUPPORTIVE
PARTNER HAS FAILED TO COMPLY WITH THIS SECTION. SUBJECT TO REGULATIONS
PROMULGATED BY HCR, IF, AFTER PROVIDING THE SUPPORTIVE PARTNER WITH
NOTICE AND OPPORTUNITY TO BE HEARD, HCR DETERMINES THAT AN INDIVIDUAL OR
ORGANIZATION LISTED AS A SUPPORTIVE PARTNER HAS FAILED TO COMPLY WITH
THIS SECTION, HCR MAY SUSPEND OR REVOKE SUCH INDIVIDUAL OR ORGANIZA-
TION'S CERTIFICATION AS A SUPPORTIVE PARTNER. HCR SHALL ESTABLISH A
PROCESS FOR ADDRESSING POTENTIAL AND ACTUAL CONFLICTS OF INTERESTS THAT
MAY ARISE AMONG SUPPORTIVE PARTNERS, QUALIFIED PURCHASERS, AND TENANTS
THROUGH PROMULGATION OF REGULATIONS.
§ 799-H. ASSIGNMENT OF RIGHTS. 1. A TENANT OR TENANT ORGANIZATION MAY
ASSIGN RIGHTS UNDER THIS SECTION IN COMPLIANCE WITH SUBDIVISION ONE OF
SECTION SEVEN HUNDRED NINETY-NINE-E TO A QUALIFIED PURCHASER OF THEIR
CHOICE.
2. SUBJECT TO REGULATIONS PROMULGATED BY HCR, THE ASSIGNMENT OF RIGHTS
DESCRIBED IN THIS SECTION SHALL OCCUR PRIOR TO THE TENANT OR TENANT
ORGANIZATION WAIVING THEIR RIGHTS PURSUANT TO SECTION SEVEN HUNDRED
NINETY-NINE-I OF THIS ARTICLE, AND ONLY DURING THE PROCESS PROVIDED IN
SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE. EXCEPT AS PROVIDED
IN SECTION SEVEN HUNDRED NINETY-NINE-I OF THIS ARTICLE, THE WAIVER AND
ASSIGNMENT OF RIGHTS SHALL BE MADE IN A WRITTEN AGREEMENT EXECUTED BY
THE TENANT OR TENANT ORGANIZATION AND THE QUALIFIED PURCHASER.
3. QUALIFIED PURCHASERS SHALL NOT ACCEPT ANY PAYMENT, CONSIDERATION,
OR REWARD IN EXCHANGE FOR THE ASSIGNMENT OF RIGHTS UNDER THIS SECTION.
§ 799-I. WAIVER OF RIGHTS. 1. TENANTS MAY AFFIRMATIVELY WAIVE THEIR
RIGHTS BEFORE THE TIME PERIODS SPECIFIED IN SECTIONS SEVEN HUNDRED NINE-
TY-NINE-K AND SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE ELAPSE, BY
NOTIFYING THE OWNER IN WRITING, SIGNED BY THE TENANTS AND IN COMPLIANCE
WITH SECTION SEVEN HUNDRED NINETY-NINE-E OF THIS ARTICLE.
2. TENANTS' FAILURE TO COMPLETE ACTIONS REQUIRED UNDER SECTIONS SEVEN
HUNDRED NINETY-NINE-K AND SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE
WITHIN THE ALLOTTED TIME PERIODS, AND ANY EXTENSIONS THEREOF, SHALL BE
DEEMED AN IMPLIED WAIVER OF SUCH TENANTS' RIGHTS.
§ 799-J. NOTICE REQUIREMENTS. ANY NOTICES REQUIRED OR PERMITTED BY
THIS ARTICLE SHALL ALSO COMPLY WITH REGULATIONS PROMULGATED BY HCR.
A. 5971 11
§ 799-K. RIGHT OF FIRST OFFER. 1. GENERAL CONSTRUCTION. BEFORE AN
OWNER OF A RENTAL HOUSING ACCOMMODATION MAY OFFER SUCH RENTAL HOUSING
ACCOMMODATION FOR SALE TO, SOLICIT ANY OFFER TO PURCHASE FROM, OR ACCEPT
ANY UNSOLICITED OFFER TO PURCHASE FROM, ANY THIRD-PARTY PURCHASER, SUCH
OWNER SHALL GIVE THE TENANT OF SUCH RENTAL HOUSING ACCOMMODATION THE
FIRST OPPORTUNITY TO MAKE AN OFFER AS SET FORTH BY THIS SECTION.
2. JOINT NOTIFICATION. (A) IN ACCORDANCE WITH SECTION SEVEN HUNDRED
NINETY-NINE-J OF THIS ARTICLE, THE OWNER SHALL:
(I) NOTIFY EACH TENANT EIGHTEEN YEARS OF AGE AND OVER OF THE OWNER'S
INTENT TO SELL THE RENTAL HOUSING ACCOMMODATION BY CERTIFIED MAIL AND BY
POSTING A COPY OF THE NOTICE IN A CONSPICUOUS PLACE IN COMMON AREAS OF
THE RENTAL HOUSING ACCOMMODATION.
(A) SUCH NOTICE SHALL BE IN THE TOP THREE LANGUAGES SPOKEN AT HOME
WITHIN THE PROPERTY'S CENSUS TRACT BASED ON THE LATEST UNITED STATES
CENSUS BUREAU'S AMERICAN COMMUNITY SURVEY.
(B) SUCH NOTICE SHALL INCLUDE, AT A MINIMUM:
(1) A STATEMENT THAT THE OWNER INTENDS TO SELL THE RENTAL HOUSING
ACCOMMODATION;
(2) A STATEMENT OF THE RIGHTS OF TENANTS AND QUALIFIED PURCHASERS AND
THE ACCOMPANYING TIMELINES DESCRIBED IN THIS SECTION;
(3) A STATEMENT THAT THE OWNER SHALL MAKE THE RELATED DISCLOSURES
DESCRIBED IN THIS SECTION AVAILABLE TO THE TENANT; AND
(4) A STATEMENT STATING THAT IF THE TENANT REQUIRES THE NOTICE IN A
LANGUAGE NOT PROVIDED, THEY CAN CONTACT HCR AND REQUEST THE NOTICE IN
THEIR REQUESTED LANGUAGE AND/OR THE ASSISTANCE OF AN INTERPRETER.
(II) NOTIFY HCR OF THE OWNER'S INTENT TO SELL THE RENTAL HOUSING
ACCOMMODATION BY SENDING A COPY OF THE NOTICE PROVIDED TO TENANTS TO AN
E-MAIL ADDRESS DESIGNATED BY HCR AND POSTING THE NOTICE ON A WEBSITE TO
BE DESIGNATED BY HCR.
(B) HCR SHALL UPDATE THE WEBSITE AT LEAST DAILY AND SHALL INCLUDE
DISCLAIMERS TO THE EFFECT THAT (I) WHERE A NOTICE IS PROVIDED ON THE
WEBSITE, SUCH NOTICE USUALLY WILL NOT BE PROVIDED IN ANY OTHER MANNER TO
INDIVIDUALS OR ENTITIES OTHER THAN TENANTS EIGHTEEN YEARS OF AGE AND
OVER IN THE RENTAL HOUSING ACCOMMODATION; AND (II) IT IS THE RESPONSI-
BILITY OF ANY PERSON OR ENTITY INTERESTED IN RECEIVING SUCH NOTICE TO
MONITOR THE WEBSITE FOR SUCH NOTICES.
3. RELATED DISCLOSURES. WHEN THE OWNER, PURSUANT TO THIS SECTION,
NOTIFIES EACH TENANT AND QUALIFIED PURCHASER OF ITS INTENT TO SELL A
RENTAL HOUSING ACCOMMODATION, THE OWNER SHALL ALSO PROVIDE EACH TENANT
AND QUALIFIED PURCHASER WITH THE FOLLOWING INFORMATION, AT MINIMUM:
(A) A FLOOR PLAN OF THE PROPERTY;
(B) AN ITEMIZED LIST OF MONTHLY OPERATING EXPENSES, UTILITY CONSUMP-
TION RATES, REAL PROPERTY TAXES AND CAPITAL EXPENDITURES FOR EACH OF THE
TWO PRECEDING CALENDAR YEARS;
(C) A LIST OF ANY KNOWN DEFECTS AND HAZARDS, AND ANY RELATED COSTS FOR
REPAIR;
(D) THE MOST RECENT RENT ROLL, A LIST OF OCCUPIED UNITS AND LIST OF
VACANT UNITS, INCLUDING THE RATE OF RENT FOR EACH UNIT, AND ANY ESCA-
LATIONS AND LEASE EXPIRATIONS;
(E) COVENANTS, CONDITIONS, AND RESTRICTIONS AND RESERVES, IN THE CASE
OF A CONDOMINIUM DWELLING;
(F) HCR RENT REGISTRATIONS;
(G) REGULATORY AGREEMENTS;
(H) ANY MORTGAGES AND NOTES AND ANY DOCUMENTATION OF ANY OTHER FINAN-
CIAL COMMITMENTS THAT AFFECT THE FINANCIAL OPERATIONS OF THE BUILDING,
INCLUDING BUT NOT LIMITED TO OBLIGATIONS TO EQUITY INVESTORS; AND
A. 5971 12
(I) ANY OTHER DISCLOSURES REQUIRED BY NEW YORK STATE LAW OR HCR REGU-
LATION.
4. TIME TO SUBMIT A STATEMENT OF INTEREST. (A) UPON RECEIPT OF THE
NOTICE AND DISCLOSURES DESCRIBED IN SUBDIVISIONS TWO AND THREE OF THIS
SECTION, TENANTS SHALL DELIVER ONE STATEMENT OF INTEREST TO THE OWNER ON
BEHALF OF THE RENTAL HOUSING ACCOMMODATION.
(B) TENANTS SHALL HAVE TWENTY DAYS IN A RENTAL HOUSING ACCOMMODATION
COMPRISED OF ONE OR TWO UNITS, AND THIRTY DAYS IN A RENTAL HOUSING
ACCOMMODATION WITH THREE OR MORE UNITS, TO DELIVER THE STATEMENT OF
INTEREST. TENANTS IN A RENTAL HOUSING ACCOMMODATION WITH THIRTY OR MORE
UNITS SHALL BE GRANTED ONE EXTENSION OF UP TO FIFTEEN DAYS UPON REQUEST,
FOR A TOTAL OF FORTY-FIVE DAYS. IF THE TENANTS WAIVE THEIR RIGHTS IN
ACCORDANCE WITH SECTION SEVEN HUNDRED NINETY-NINE-I OF THIS ARTICLE,
QUALIFIED PURCHASERS SHALL HAVE THE REMAINING TIME OR A MINIMUM OF FIVE
DAYS, WHICHEVER IS GREATER, TO DELIVER A STATEMENT OF INTEREST TO THE
OWNER.
(C) THE STATEMENT OF INTEREST SHALL BE A CLEAR EXPRESSION FROM THE
TENANTS THAT THEY INTEND TO FURTHER CONSIDER MAKING AN OFFER TO PURCHASE
THE RENTAL HOUSING ACCOMMODATION OR FURTHER CONSIDER ASSIGNING THEIR
RIGHTS TO A QUALIFIED PURCHASER.
(D) THE STATEMENT OF INTEREST SHALL INCLUDE DOCUMENTATION DEMONSTRAT-
ING THAT THE TENANTS' DECISION WAS SUPPORTED BY THE STANDARD DESCRIBED
IN SECTION SEVEN HUNDRED NINETY-NINE-E OF THIS ARTICLE.
(E) IF THE TENANTS WAIVE THEIR RIGHTS IN ACCORDANCE WITH SECTION SEVEN
HUNDRED NINETY-NINE-I OF THIS ARTICLE, THE OWNER SHALL NOTIFY ALL QUALI-
FIED PURCHASERS, VIA E-MAIL, ON THE SAME DAY THAT TENANTS WAIVE THEIR
RIGHTS, OF THE RIGHT OF EACH QUALIFIED PURCHASER TO SUBMIT A STATEMENT
OF INTEREST TO THE OWNER.
(F) UPON RECEIPT OF THE NOTICE, A QUALIFIED PURCHASER THAT INTENDS TO
FURTHER CONSIDER MAKING AN OFFER TO PURCHASE THE RENTAL HOUSING ACCOMMO-
DATION SHALL DELIVER A STATEMENT OF INTEREST TO THE OWNER AND EVERY
OTHER QUALIFIED PURCHASER VIA E-MAIL WITHIN THE TIME PERIODS PROVIDED BY
THIS SUBDIVISION.
(G) THE STATEMENT OF INTEREST SHALL BE A CLEAR EXPRESSION THAT THE
QUALIFIED PURCHASER INTENDS TO FURTHER CONSIDER MAKING AN OFFER TO
PURCHASE THE RENTAL HOUSING ACCOMMODATION.
(H) IF A QUALIFIED PURCHASER HAS DELIVERED A STATEMENT OF INTEREST
CONSISTENT WITH THIS SUBDIVISION, THE OWNER SHALL, SUBJECT TO SEEKING
TENANT APPROVAL FOR DISCLOSURE OF ANY CONFIDENTIAL OR PERSONAL INFORMA-
TION, DISCLOSE TO EACH SUCH QUALIFIED PURCHASER, VIA E-MAIL, THE NAMES
OF TENANTS IN EACH OCCUPIED UNIT OF THE RENTAL HOUSING ACCOMMODATION, AS
WELL AS ANY AVAILABLE CONTACT INFORMATION FOR EACH TENANT.
(I) IF TENANTS AND QUALIFIED PURCHASERS DO NOT DELIVER A STATEMENT OF
INTEREST WITHIN THE TIME PERIODS SPECIFIED IN THIS SUBDIVISION, THE
OWNER MAY IMMEDIATELY PROCEED TO OFFER THE RENTAL HOUSING ACCOMMODATION
FOR SALE TO, AND SOLICIT OFFERS OF PURCHASE FROM, PROSPECTIVE THIRD-PAR-
TY PURCHASERS, SUBJECT TO THE RIGHT OF FIRST REFUSAL PROVIDED BY SECTION
SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE.
5. TIME TO SUBMIT OFFER. (A) THE FOLLOWING PROCEDURES SHALL APPLY TO
OFFERS TO PURCHASE A RENTAL HOUSING ACCOMMODATION WITH ONLY ONE TENANT
HOUSEHOLD:
(I) UPON RECEIPT OF A STATEMENT OF INTEREST FROM TENANTS CONSISTENT
WITH SUBDIVISION FOUR OF THIS SECTION, AN OWNER SHALL AFFORD THE TENANTS
AN ADDITIONAL TWENTY-ONE DAYS TO SELECT A SUPPORTIVE PARTNER AND SUBMIT
AN OFFER TO PURCHASE THE RENTAL HOUSING ACCOMMODATION. IF THE TENANTS
WAIVE THEIR RIGHTS IN ACCORDANCE WITH SECTION SEVEN HUNDRED
A. 5971 13
NINETY-NINE-I OF THIS ARTICLE, QUALIFIED PURCHASERS SHALL HAVE THE
REMAINING TIME OR A MINIMUM OF FIVE DAYS, WHICHEVER IS GREATER, TO
SUBMIT AN OFFER TO THE OWNER.
(II) IF THE TENANTS WAIVE THEIR RIGHTS IN ACCORDANCE WITH SECTION
SEVEN HUNDRED NINETY-NINE-I OF THIS ARTICLE, THE OWNER SHALL NOTIFY ALL
QUALIFIED PURCHASERS, VIA E-MAIL, OF THEIR RIGHTS TO SUBMIT AN OFFER.
UPON RECEIPT OF THIS NOTICE, EACH QUALIFIED PURCHASER THAT INTENDS TO
PURCHASE THE RENTAL HOUSING ACCOMMODATION SHALL SUBMIT AN OFFER TO THE
OWNER WITHIN THE TIME PERIOD SPECIFIED IN SUBPARAGRAPH (I) OF THIS PARA-
GRAPH.
(B) THE FOLLOWING PROCEDURES SHALL APPLY TO OFFERS TO PURCHASE A
RENTAL HOUSING ACCOMMODATION WITH TWO UNITS OR A SINGLE FAMILY HOME WITH
MULTIPLE TENANT HOUSEHOLDS, UNLESS SUBJECT TO PARAGRAPH (A) OF THIS
SUBDIVISION:
(I) UPON RECEIPT OF A STATEMENT OF INTEREST FROM TENANTS CONSISTENT
WITH SUBDIVISION FOUR OF THIS SECTION, AN OWNER SHALL AFFORD THE TENANTS
AN ADDITIONAL FORTY-FIVE DAYS TO FORM A TENANT ORGANIZATION, SELECT A
SUPPORTIVE PARTNER, AND DELIVER AN OFFER TO PURCHASE THE RENTAL HOUSING
ACCOMMODATION. IF THE TENANTS WAIVE THEIR RIGHTS IN ACCORDANCE WITH
SECTION SEVEN HUNDRED NINETY-NINE-I OF THIS ARTICLE, QUALIFIED PURCHAS-
ERS SHALL HAVE THE REMAINING TIME OR A MINIMUM OF FIVE DAYS, WHICHEVER
IS GREATER, TO DELIVER AN OFFER TO THE OWNER.
(II) IF THE TENANTS WAIVE THEIR RIGHTS IN ACCORDANCE WITH SECTION
SEVEN HUNDRED NINETY-NINE-I OF THIS ARTICLE, THE OWNER SHALL NOTIFY ALL
QUALIFIED PURCHASERS, VIA E-MAIL, OF THEIR RIGHTS TO SUBMIT AN OFFER.
UPON RECEIPT OF THIS NOTICE, EACH QUALIFIED PURCHASER THAT INTENDS TO
PURCHASE THE RENTAL HOUSING ACCOMMODATION SHALL DELIVER AN OFFER WITHIN
THE TIME PERIOD SPECIFIED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH.
(C) THE FOLLOWING PROCEDURES SHALL APPLY TO OFFERS TO PURCHASE A
RENTAL HOUSING ACCOMMODATION WITH THREE OR MORE UNITS, UNLESS SUBJECT TO
PARAGRAPH (A) OF THIS SUBDIVISION.
(I) UPON RECEIPT OF A STATEMENT OF INTEREST FROM TENANTS CONSISTENT
WITH SUBDIVISION FOUR OF THIS SECTION, AN OWNER SHALL AFFORD TENANTS AN
ADDITIONAL SIXTY DAYS TO FORM A TENANT ORGANIZATION, SELECT A SUPPORTIVE
PARTNER, AND DELIVER AN OFFER TO PURCHASE THE RENTAL HOUSING ACCOMMO-
DATION. TENANTS IN A RENTAL HOUSING ACCOMMODATION WITH TEN TO TWENTY-
NINE UNITS SHALL BE GRANTED ONE EXTENSION OF UP TO THIRTY DAYS UPON
REQUEST, FOR A TOTAL OF NINETY DAYS TO SUBMIT AN OFFER TO THE OWNER.
TENANTS IN A RENTAL HOUSING ACCOMMODATION WITH THIRTY OR MORE UNITS
SHALL BE GRANTED TWO EXTENSIONS OF UP TO THIRTY DAYS EACH, FOR A TOTAL
OF ONE HUNDRED TWENTY DAYS TO DELIVER AN OFFER TO THE OWNER. IF THE
TENANTS WAIVE THEIR RIGHTS IN ACCORDANCE WITH SECTION SEVEN HUNDRED
NINETY-NINE-I OF THIS ARTICLE, QUALIFIED PURCHASERS SHALL HAVE THE
REMAINING TIME WITHIN THESE TIME PERIODS AND ANY EXTENSIONS THEREOF, OR
A MINIMUM OF FIVE DAYS, WHICHEVER IS GREATER, TO DELIVER AN OFFER TO THE
OWNER.
(II) IF THE TENANTS WAIVE THEIR RIGHTS IN ACCORDANCE WITH SECTION
SEVEN HUNDRED NINETY-NINE-I OF THIS ARTICLE, THE OWNER SHALL NOTIFY ALL
QUALIFIED PURCHASERS, VIA E-MAIL, OF THEIR RIGHTS TO SUBMIT AN OFFER.
UPON RECEIPT OF THIS NOTICE, EACH QUALIFIED PURCHASER THAT INTENDS TO
PURCHASE THE RENTAL HOUSING ACCOMMODATION SHALL DELIVER AN OFFER WITHIN
THE TIME PERIOD SPECIFIED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH.
(D) WITHIN THE TIMEFRAMES PROVIDED BY PARAGRAPHS (A), (B), AND (C) OF
THIS SUBDIVISION FOR SUBMITTING AN OFFER, THE TENANT, TENANT ORGANIZA-
TION, OR QUALIFIED PURCHASER THAT SUBMITS AN OFFER TO THE OWNER SHALL
ALSO SUBMIT AN AGREEMENT TO HCR PURSUANT TO SUBDIVISION TWO OF SECTION
A. 5971 14
SEVEN HUNDRED NINETY-NINE-R OF THIS ARTICLE, AGREEING TO BE BOUND BY
REQUIREMENTS OF SUCH SECTION.
6. OWNER FREE TO ACCEPT OR REJECT OFFER. THE OWNER SHALL BE FREE TO
ACCEPT OR REJECT ANY OFFER OF PURCHASE FROM A TENANT, TENANT ORGANIZA-
TION OR QUALIFIED PURCHASER. ANY SUCH ACCEPTANCE OR REJECTION SHALL BE
COMMUNICATED IN WRITING.
(A) INCENTIVES TO ACCEPT OFFER. IF THE OWNER ACCEPTS ANY SUCH OFFER OF
PURCHASE FROM A TENANT, TENANT ORGANIZATION OR A QUALIFIED PURCHASER,
THE OWNER MAY BE ELIGIBLE TO RECEIVE INCENTIVES PURSUANT TO SECTION
SEVEN HUNDRED NINETY-NINE-S OF THIS ARTICLE.
(B) REJECTION OF OFFER. IF THE OWNER REJECTS ALL SUCH OFFERS OF
PURCHASE, THE OWNER MAY IMMEDIATELY OFFER THE RENTAL HOUSING ACCOMMO-
DATION FOR SALE TO, AND SOLICIT OFFERS OF PURCHASE FROM, PROSPECTIVE
THIRD-PARTY PURCHASERS, SUBJECT TO THE RIGHT OF FIRST REFUSAL DESCRIBED
IN SECTION SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE.
(C) LAPSE OF TIME. IF NINETY DAYS ELAPSE FROM THE DATE OF AN OWNER'S
REJECTION OF AN OFFER FROM A TENANT, TENANT ORGANIZATION OR A QUALIFIED
PURCHASER, AND THE OWNER HAS NOT PROVIDED AN OFFER OF SALE AS DESCRIBED
IN SECTION SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE, THE OWNER SHALL
COMPLY ANEW WITH THIS SECTION.
7. TIME TO SECURE FINANCING. (A) THE FOLLOWING PROCEDURES SHALL APPLY
TO A PURCHASE OF A SINGLE FAMILY HOME WITH ONLY ONE TENANT HOUSEHOLD.
(I) THE OWNER SHALL AFFORD THE TENANT OR QUALIFIED PURCHASER THIRTY
DAYS AFTER THE DATE OF THE ENTERING INTO A PURCHASE CONTRACT TO SECURE
FINANCING.
(II) IF, WITHIN THIRTY DAYS AFTER THE DATE OF CONTRACTING, THE TENANT
OR QUALIFIED PURCHASER PRESENTS THE OWNER WITH THE WRITTEN DECISION OF A
LENDING INSTITUTION OR AGENCY THAT STATES THAT THE INSTITUTION OR AGENCY
ESTIMATES THAT A DECISION WITH RESPECT TO FINANCING OR FINANCIAL ASSIST-
ANCE WILL BE MADE WITHIN FORTY-FIVE DAYS AFTER THE DATE OF CONTRACTING,
THE OWNER SHALL AFFORD THE TENANT OR QUALIFIED PURCHASER AN EXTENSION OF
TIME CONSISTENT WITH THE WRITTEN ESTIMATE.
(III) IF THE TENANT OR QUALIFIED PURCHASER DOES NOT SECURE FINANCING
AND CLOSE THE TRANSACTION WITHIN THE TIMEFRAMES DESCRIBED IN THIS SUBDI-
VISION AND SUBDIVISION EIGHT OF THIS SECTION, AND ANY EXTENSIONS THERE-
OF, THE OWNER MAY IMMEDIATELY PROCEED TO OFFER THE RENTAL HOUSING ACCOM-
MODATION FOR SALE TO, AND TO SOLICIT OFFERS OF PURCHASE FROM PROSPECTIVE
THIRD PARTY PURCHASERS OTHER THAN THE TENANT OR QUALIFIED PURCHASER.
(B) THE FOLLOWING PROCEDURES SHALL APPLY TO A PURCHASE OF A RENTAL
HOUSING ACCOMMODATION WITH TWO UNITS OR A SINGLE FAMILY HOME WITH MULTI-
PLE TENANT HOUSEHOLDS.
(I) THE OWNER SHALL AFFORD THE TENANT ORGANIZATION OR QUALIFIED
PURCHASER NINETY DAYS AFTER THE DATE OF ENTERING INTO A PURCHASE
CONTRACT TO SECURE FINANCING.
(II) IF, WITHIN NINETY DAYS AFTER THE DATE OF CONTRACTING, THE TENANT
ORGANIZATION OR QUALIFIED PURCHASER PRESENTS THE OWNER WITH THE WRITTEN
DECISION OF A LENDING INSTITUTION OR AGENCY THAT STATES THAT THE INSTI-
TUTION OR AGENCY ESTIMATES THAT A DECISION WITH RESPECT TO FINANCING OR
FINANCIAL ASSISTANCE WILL BE MADE WITHIN ONE HUNDRED TWENTY DAYS AFTER
THE DATE OF CONTRACTING, THE OWNER SHALL AFFORD THE TENANT ORGANIZATION
OR QUALIFIED PURCHASER AN EXTENSION OF TIME CONSISTENT WITH THE WRITTEN
ESTIMATE.
(III) IF THE TENANT ORGANIZATION OR QUALIFIED PURCHASER DOES NOT
SECURE FINANCING AND CLOSE THE TRANSACTION WITHIN THE TIMEFRAMES
DESCRIBED IN THIS SUBDIVISION AND SUBDIVISION EIGHT OF THIS SECTION, AND
ANY EXTENSIONS THEREOF, THE OWNER MAY IMMEDIATELY PROCEED TO OFFER THE
A. 5971 15
RENTAL HOUSING ACCOMMODATION FOR SALE TO, AND TO SOLICIT OFFERS OF
PURCHASE FROM PROSPECTIVE THIRD-PARTY PURCHASERS OTHER THAN THE TENANT
ORGANIZATION OR QUALIFIED PURCHASER.
(C) THE FOLLOWING PROCEDURES SHALL APPLY TO PURCHASES OF RENTAL HOUS-
ING ACCOMMODATIONS WITH THREE OR MORE UNITS.
(I) THE OWNER SHALL AFFORD THE TENANT ORGANIZATION OR QUALIFIED
PURCHASER ONE HUNDRED TWENTY DAYS AFTER THE DATE OF ENTERING INTO A
PURCHASE CONTRACT TO SECURE FINANCING.
(II) IF, WITHIN ONE HUNDRED TWENTY DAYS AFTER THE DATE OF CONTRACTING,
THE TENANT ORGANIZATION OR QUALIFIED PURCHASER PRESENTS THE OWNER WITH
THE WRITTEN DECISION OF A LENDING INSTITUTION OR AGENCY THAT STATES THAT
THE INSTITUTION OR AGENCY ESTIMATES THAT A DECISION WITH RESPECT TO
FINANCING OR FINANCIAL ASSISTANCE WILL BE MADE WITHIN ONE HUNDRED SIXTY
DAYS AFTER THE DATE OF CONTRACTING, THE OWNER SHALL AFFORD THE TENANT
ORGANIZATION OR QUALIFIED PURCHASER AN EXTENSION OF TIME CONSISTENT WITH
THE WRITTEN ESTIMATE.
(III) IF THE TENANT ORGANIZATION OR QUALIFIED PURCHASER DOES NOT
SECURE FINANCING AND CLOSE THE DEAL WITHIN THE TIMEFRAMES DESCRIBED IN
THIS SUBDIVISION AND SUBDIVISION EIGHT OF THIS SECTION, AND ANY EXTEN-
SIONS THEREOF, THE OWNER MAY IMMEDIATELY PROCEED TO OFFER THE RENTAL
HOUSING ACCOMMODATION FOR SALE TO, AND TO SOLICIT OFFERS OF PURCHASE
FROM PROSPECTIVE THIRD-PARTY PURCHASERS OTHER THAN THE TENANT ORGANIZA-
TION OR QUALIFIED PURCHASER.
8. TIME TO CLOSE. IN ADDITION TO THE TIME PERIODS IN SUBDIVISION SEVEN
OF THIS SECTION, THE OWNER SHALL AFFORD EACH TENANT, TENANT ORGANIZA-
TION, OR QUALIFIED PURCHASER WITH AN ADDITIONAL FOURTEEN DAYS TO CLOSE.
SO LONG AS THE TENANT, TENANT ORGANIZATION, OR QUALIFIED PURCHASER IS
DILIGENTLY PURSUING THE CLOSE, THE OWNER SHALL AFFORD THEM A REASONABLE
EXTENSION BEYOND THIS FOURTEEN-DAY PERIOD TO CLOSE.
§ 799-L. RIGHT OF FIRST REFUSAL. 1. GENERAL CONSTRUCTION. THIS SECTION
SHALL BE CONSTRUED TO CONFER A RIGHT OF FIRST REFUSAL ONLY UPON EACH
TENANT, TENANT ORGANIZATION, AND QUALIFIED PURCHASER THAT EXERCISED THE
RIGHT OF FIRST OFFER PURSUANT TO SECTION SEVEN HUNDRED NINETY-NINE-K OF
THIS ARTICLE.
2. OFFER OF SALE TO TENANT, TENANT ORGANIZATIONS, AND QUALIFIED
PURCHASERS. BEFORE AN OWNER OF A RENTAL HOUSING ACCOMMODATION MAY SELL A
RENTAL HOUSING ACCOMMODATION, THE OWNER SHALL GIVE EACH TENANT, TENANT
ORGANIZATION, OR QUALIFIED PURCHASER THAT PREVIOUSLY MADE AN OFFER TO
PURCHASE SUCH RENTAL HOUSING ACCOMMODATION PURSUANT TO SECTION SEVEN
HUNDRED NINETY-NINE-K OF THIS ARTICLE AN OPPORTUNITY TO PURCHASE SUCH
RENTAL HOUSING ACCOMMODATION AT A PRICE AND TERMS THAT REPRESENT A BONA
FIDE OFFER OF SALE.
(A) THE OWNER'S OFFER OF SALE SHALL INCLUDE, AT MINIMUM:
(I) THE ASKING PRICE AND TERMS OF THE SALE. THE TERMS AND CONDITIONS
SHALL BE CONSISTENT WITH THE APPLICABLE TIMEFRAMES DESCRIBED IN SUBDIVI-
SIONS THREE AND FOUR OF THIS SECTION;
(II) A STATEMENT AS TO WHETHER A PURCHASE CONTRACT WITH A THIRD-PARTY
PURCHASER EXISTS FOR THE SALE OF THE RENTAL HOUSING ACCOMMODATION, AND
IF SO, A COPY OF SUCH PURCHASE CONTRACT; AND
(III) A STATEMENT IN ENGLISH AND SPANISH STATING THAT IF THE TENANT
REQUIRES THE OFFER OF SALE IN A LANGUAGE OTHER THAN ENGLISH, THEY MAY
CONTACT HCR AND REQUEST THE OFFER OF SALE IN THEIR REQUESTED LANGUAGE
AND/OR THE ASSISTANCE OF AN INTERPRETER.
(B) IF A TENANT OR TENANT ORGANIZATION IS RECEIVING THE OFFER OF SALE,
THE OWNER SHALL DELIVER A WRITTEN COPY OF THE OFFER OF SALE TO EACH
TENANT OR TENANT ORGANIZATION BY CERTIFIED MAIL.
A. 5971 16
(C) IF A QUALIFIED PURCHASER IS RECEIVING THE OFFER OF SALE, THE OWNER
SHALL DELIVER THE OFFER OF SALE TO EACH QUALIFIED PURCHASER THAT PREVI-
OUSLY MADE AN OFFER TO PURCHASE THE RENTAL HOUSING ACCOMMODATION. THE
OWNER SHALL SUBMIT AN OFFER OF SALE TO EACH SUCH QUALIFIED PURCHASER ON
THE SAME DAY, AND TO THE EXTENT POSSIBLE, AT THE SAME TIME, BY E-MAIL.
(D) IF THE OWNER HAS A PURCHASE CONTRACT WITH A THIRD-PARTY PURCHASER
FOR THE SALE OF THE RENTAL HOUSING ACCOMMODATION, THE OWNER SHALL DELIV-
ER THE OFFER OF SALE TO EACH TENANT, TENANT ORGANIZATION OR QUALIFIED
PURCHASER WITHIN TWO DAYS OF ENTERING INTO A PURCHASE CONTRACT WITH THE
THIRD-PARTY PURCHASER.
(E) THE OWNER SHALL ALSO PROVIDE HCR WITH A WRITTEN COPY OF THE OFFER
OF SALE AND A STATEMENT CERTIFYING THAT THE ITEMS DESCRIBED BY PARAGRAPH
(A) OF THIS SUBDIVISION WERE DELIVERED TO EACH TENANT, TENANT ORGANIZA-
TION, OR QUALIFIED PURCHASER.
3. TIME TO ACCEPT OFFER. (A) THE FOLLOWING PROCEDURES SHALL APPLY TO A
RENTAL HOUSING ACCOMMODATION WITH ONLY ONE TENANT HOUSEHOLD: UPON
RECEIPT OF THE OFFER OF SALE FROM THE OWNER, A TENANT OR QUALIFIED
PURCHASER SHALL HAVE TEN DAYS TO ACCEPT THE OFFER OF SALE, PROVIDED,
HOWEVER, THAT THE DEADLINE TO ACCEPT ANY OFFER OF SALE SHALL BE EXTENDED
TO ALLOW THE TENANT OR QUALIFIED PURCHASER TO EXERCISE THEIR RIGHT TO AN
APPRAISAL PURSUANT TO SECTION SEVEN HUNDRED NINETY-NINE-N OF THIS ARTI-
CLE, IF THEY BELIEVE THAT THE OFFER OF SALE IS NOT A BONA FIDE OFFER OF
SALE.
(B) THE FOLLOWING PROCEDURES SHALL APPLY TO A RENTAL HOUSING ACCOMMO-
DATION WITH MULTIPLE TENANT HOUSEHOLDS:
(I) UPON RECEIPT OF THE OFFER OF SALE FROM THE OWNER, A TENANT ORGAN-
IZATION SHALL HAVE FORTY-FIVE DAYS TO ACCEPT THE OFFER OF SALE.
(II) UPON RECEIPT OF THE OFFER OF SALE FROM THE OWNER, A QUALIFIED
PURCHASER SHALL HAVE THIRTY DAYS TO ACCEPT THE OFFER OF SALE.
(III) THE DEADLINE TO ACCEPT ANY OFFER OF SALE SHALL BE EXTENDED TO
ALLOW THE TENANT OR QUALIFIED PURCHASER TO EXERCISE THEIR RIGHT TO AN
APPRAISAL PURSUANT TO SECTION SEVEN HUNDRED NINETY-NINE-N OF THIS ARTI-
CLE, IF THEY BELIEVE THAT THE OFFER OF SALE IS NOT A BONA FIDE OFFER OF
SALE.
(C) IF, DURING THESE TIME PERIODS, ANY QUALIFIED PURCHASER THAT HAS
RECEIVED SUCH OFFER OF SALE DECIDES TO ACCEPT THE OWNER'S OFFER OF SALE,
SUCH QUALIFIED PURCHASER SHALL NOTIFY THE OWNER AND EVERY OTHER QUALI-
FIED PURCHASER OF SUCH DECISION BY E-MAIL. AFTER A QUALIFIED PURCHASER
NOTIFIES THE OWNER OF ITS DECISION TO ACCEPT THE OWNER'S OFFER OF SALE,
MEANING BEFORE ANY OTHER QUALIFIED PURCHASER SO NOTIFIED THE OWNER, SUCH
QUALIFIED PURCHASER SHALL BE DEEMED TO HAVE ACCEPTED THE OFFER OF SALE,
AND NO OTHER QUALIFIED PURCHASER SHALL ACCEPT THE OWNER'S OFFER OF SALE,
WHETHER OR NOT THE TIME PERIODS IN THIS SUBDIVISION HAVE ELAPSED.
4. TIME TO SECURE FINANCING AND CLOSE. IF A TENANT, TENANT ORGANIZA-
TION, OR QUALIFIED PURCHASER ACCEPTS AN OWNER'S OFFER OF SALE IN ACCORD-
ANCE WITH THIS ARTICLE, THE OWNER SHALL AFFORD SUCH TENANT, TENANT
ORGANIZATION, OR QUALIFIED PURCHASER TIME TO SECURE FINANCING AND CLOSE,
CONSISTENT WITH THIS ARTICLE.
5. REJECTION OF OFFER. IF EACH TENANT, TENANT ORGANIZATION, AND QUALI-
FIED PURCHASER THAT RECEIVED AN OFFER OF SALE CONSISTENT WITH THIS ARTI-
CLE, REJECTS SUCH OFFER OF SALE OR FAILS TO RESPOND WITHIN THE TIMELINES
DESCRIBED IN THIS SECTION, THE OWNER MAY IMMEDIATELY PROCEED WITH THE
SALE OF THE RENTAL HOUSING ACCOMMODATION TO A THIRD-PARTY PURCHASER
CONSISTENT WITH THE PRICE AND MATERIAL TERMS OF THAT OFFER OF SALE.
§ 799-M. THIRD-PARTY RIGHTS. THE RIGHT OF A THIRD-PARTY TO PURCHASE A
RENTAL HOUSING ACCOMMODATION SHALL BE CONDITIONAL UPON THE EXERCISE OF
A. 5971 17
TENANT, TENANT ORGANIZATION, AND QUALIFIED PURCHASER RIGHTS UNDER THIS
ARTICLE. THE TIME PERIODS FOR SUBMITTING AND ACCEPTING AN OFFER, SECUR-
ING FINANCING, AND CLOSING UNDER THIS ARTICLE SHALL BE MINIMUM PERIODS,
AND THE OWNER MAY AFFORD ANY TENANT, TENANT ORGANIZATION, AND QUALIFIED
PURCHASER A REASONABLE EXTENSION OF SUCH PERIOD, WITHOUT LIABILITY UNDER
A THIRD-PARTY PURCHASE CONTRACT. THIRD-PARTY PURCHASERS SHALL BE
PRESUMED TO ACT WITH FULL KNOWLEDGE OF THE RIGHTS OF TENANTS, TENANT
ORGANIZATIONS, AND QUALIFIED PURCHASERS AND PUBLIC POLICY UNDER THIS
ARTICLE.
§ 799-N. RIGHT TO APPRAISAL. 1. RIGHT TO APPRAISAL. THIS SECTION SHALL
APPLY WHENEVER AN OFFER OF SALE IS MADE TO A TENANT, TENANT ORGANIZA-
TION, OR QUALIFIED PURCHASERS AS REQUIRED BY THIS ARTICLE AND THE OFFER
IS MADE IN THE ABSENCE OF AN ARM'S-LENGTH THIRD-PARTY PURCHASE CONTRACT.
2. REQUEST FOR APPRAISAL. THE TENANT, TENANT ORGANIZATION, OR QUALI-
FIED PURCHASER THAT RECEIVES AN OWNER'S OFFER OF SALE MAY CHALLENGE SUCH
OFFER OF SALE AS NOT BEING A BONA FIDE OFFER OF SALE, AND REQUEST AN
APPRAISAL TO DETERMINE THE FAIR MARKET VALUE OF THE RENTAL HOUSING
ACCOMMODATION. THE PARTY REQUESTING THE APPRAISAL SHALL BE DEEMED THE
"PETITIONER" FOR PURPOSES OF THIS SECTION. THE PETITIONER SHALL DELIVER
THE WRITTEN REQUEST FOR AN APPRAISAL TO HCR AND THE OWNER BY HAND OR BY
CERTIFIED MAIL WITHIN FIVE DAYS OF RECEIVING THE OFFER OF SALE.
3. TIME FOR APPRAISAL. BEGINNING WITH THE DATE OF RECEIPT OF A WRITTEN
REQUEST FOR AN APPRAISAL, AND FOR EACH DAY THEREAFTER UNTIL THE PETI-
TIONER RECEIVES THE APPRAISAL, THE TIME PERIODS DESCRIBED IN SUBDIVISION
THREE OF SECTION SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE SHALL BE
EXTENDED BY AN ADDITIONAL TIME OF UP TO TEN BUSINESS DAYS.
4. SELECTION OF APPRAISER. THE PETITIONER SHALL SELECT AN APPRAISER
FROM A LIST OF INDEPENDENT, QUALIFIED APPRAISERS, THAT HCR SHALL MAIN-
TAIN. HCR-APPROVED APPRAISERS SHALL HOLD AN ACTIVE APPRAISER LICENSE
ISSUED BY THE NEW YORK STATE BOARD OF REAL ESTATE APPRAISAL AND SHALL BE
ABLE TO CONDUCT AN OBJECTIVE, INDEPENDENT PROPERTY VALUATION, PERFORMED
ACCORDING TO PROFESSIONAL INDUSTRY STANDARDS. ALL APPRAISERS SHALL
UNDERGO TRAINING ORGANIZED BY HCR BEFORE THEY ARE APPROVED AND ADDED TO
THE HCR'S LIST.
5. COST OF APPRAISAL. THE PETITIONER SHALL BE RESPONSIBLE FOR ONE-
THIRD AND THE OWNER SHALL BE RESPONSIBLE FOR TWO-THIRDS OF THE TOTAL
COST OF THE APPRAISAL.
6. APPRAISAL PROCEDURES AND STANDARDS. THE OWNER SHALL GIVE THE
APPRAISER FULL, UNFETTERED ACCESS TO THE PROPERTY. THE OWNER SHALL
RESPOND WITHIN THREE DAYS TO ANY REQUEST FOR INFORMATION FROM THE
APPRAISER. THE PETITIONER MAY GIVE THE APPRAISER INFORMATION RELEVANT TO
THE VALUATION OF THE PROPERTY. THE APPRAISAL SHALL BE COMPLETED EXPE-
DITIOUSLY ACCORDING TO STANDARD INDUSTRY TIMEFRAMES. AN APPRAISED VALUE
SHALL ONLY BE BASED ON RIGHTS AN OWNER HAS AS A MATTER-OF-RIGHT AS OF
THE DATE OF THE ALLEGED BONA FIDE OFFER OF SALE, INCLUDING ANY EXISTING
RIGHT AN OWNER MAY HAVE TO CONVERT THE PROPERTY TO ANOTHER USE. WITHIN
THE RESTRICTIONS IN THIS SUBDIVISION, AN APPRAISED VALUE MAY TAKE INTO
CONSIDERATION THE HIGHEST AND BEST USE OF THE PROPERTY.
7. VALIDITY OF APPRAISAL. THE DETERMINATION OF THE APPRAISED VALUE OF
THE RENTAL HOUSING ACCOMMODATION, IN ACCORDANCE WITH THIS SECTION, SHALL
BECOME THE SALES PRICE OF THE RENTAL HOUSING ACCOMMODATION IN THE BONA
FIDE OFFER OF SALE, UNLESS:
(A) THE OWNER AND THE PETITIONER AGREE UPON A DIFFERENT SALES PRICE OF
THE RENTAL HOUSING ACCOMMODATION; OR
(B) THE OWNER ELECTS TO WITHDRAW THE OFFER OF SALE ALTOGETHER WITHIN
FOURTEEN DAYS OF RECEIPT OF THE APPRAISAL, IN WHICH CASE:
A. 5971 18
(I) THE OWNER SHALL WITHDRAW THE OFFER OF SALE BY DELIVERING A WRITTEN
NOTICE BY HAND OR BY CERTIFIED MAIL TO HCR AND TO THE PETITIONER;
(II) UPON WITHDRAWAL, THE OWNER SHALL REIMBURSE THE PETITIONER AND HCR
FOR THEIR SHARE OF THE COST OF THE APPRAISAL WITHIN FOURTEEN DAYS OF
DELIVERY OF WRITTEN NOTICE OF WITHDRAWAL; AND
(III) AN OWNER WHO WITHDRAWS AN OFFER OF SALE IN ACCORDANCE WITH THIS
PARAGRAPH SHALL BE PRECLUDED FROM PROCEEDING TO SELL THE RENTAL HOUSING
ACCOMMODATION TO A THIRD-PARTY PURCHASER WITHOUT COMPLYING WITH THIS
SECTION BY HONORING THE FIRST RIGHT OF PURCHASE OF TENANTS AND QUALIFIED
PURCHASERS; OR
(C) THE PETITIONER ELECTS TO WITHDRAW THE OFFER OF SALE ALTOGETHER
WITHIN FOURTEEN DAYS OF RECEIPT OF THE APPRAISAL, IN WHICH CASE:
(I) THE PETITIONER SHALL WITHDRAW THE OFFER OF SALE BY DELIVERING A
WRITTEN NOTICE BY HAND OR BY CERTIFIED MAIL TO HCR AND TO THE OWNER; AND
(II) UPON WITHDRAWAL, THE PETITIONER SHALL REIMBURSE THE OWNER AND HCR
FOR THEIR SHARE OF THE COST OF THE APPRAISAL WITHIN FOURTEEN DAYS OF
DELIVERY OF WRITTEN NOTICE OF WITHDRAWAL.
§ 799-O. PURCHASE CONTRACT NEGOTIATION. 1. BARGAINING IN GOOD FAITH.
THE OWNER AND ANY TENANT, TENANT ORGANIZATION, AND/OR QUALIFIED PURCHAS-
ER SHALL BARGAIN IN GOOD FAITH REGARDING THE TERMS OF ANY OFFER FOR
SALE. ANY ONE OF THE FOLLOWING SHALL CONSTITUTE PRIMA FACIE EVIDENCE OF
BARGAINING WITHOUT GOOD FAITH:
(A) THE FAILURE OF AN OWNER TO OFFER A TENANT, TENANT ORGANIZATION, OR
QUALIFIED PURCHASER A PRICE AND OTHER MATERIAL TERMS AT LEAST AS FAVORA-
BLE AS THAT OFFERED TO A THIRD-PARTY PURCHASER;
(B) ANY REQUIREMENT BY AN OWNER THAT A TENANT, TENANT ORGANIZATION, OR
QUALIFIED PURCHASER WAIVE ANY RIGHT UNDER THIS ARTICLE; OR
(C) THE INTENTIONAL FAILURE OF AN OWNER, TENANT, TENANT ORGANIZATION,
OR QUALIFIED PURCHASER TO COMPLY WITH THE PROVISIONS OF THIS ARTICLE.
2. REDUCED PRICE. IF THE OWNER SELLS OR CONTRACTS TO SELL THE RENTAL
HOUSING ACCOMMODATION TO A THIRD-PARTY PURCHASER FOR A PRICE LESS THAN
THE PRICE OFFERED TO THE TENANT, TENANT ORGANIZATION, OR QUALIFIED
PURCHASER IN THE OFFER OF SALE, OR FOR OTHER TERMS, WHICH WOULD CONSTI-
TUTE BARGAINING WITHOUT GOOD FAITH, THE OWNER SHALL COMPLY ANEW WITH ALL
REQUIREMENTS OF THIS ARTICLE, AS APPLICABLE.
3. TERMINATION OF RIGHTS. THE INTENTIONAL FAILURE OF ANY TENANT,
TENANT ORGANIZATION, OR QUALIFIED PURCHASER TO COMPLY WITH THE
PROVISIONS OF THIS ARTICLE SHALL RESULT IN THE TERMINATION OF THEIR
RIGHTS UNDER THIS ARTICLE.
§ 799-P. NO SELLING OF RIGHTS. 1. A TENANT, TENANT ORGANIZATION, OR
QUALIFIED PURCHASER SHALL NOT SELL ANY RIGHTS UNDER THIS ARTICLE.
2. AN OWNER SHALL NOT COERCE A TENANT OR TENANT ORGANIZATION TO WAIVE
THEIR RIGHTS UNDER THIS ARTICLE.
§ 799-Q. TENANT PROTECTIONS. 1. NO TENANT IN THE RENTAL HOUSING ACCOM-
MODATION, INCLUDING TENANTS WHO DO NOT EXERCISE RIGHTS TO PURCHASE UNDER
THIS ARTICLE, SHALL BE EVICTED BY THE TOPA BUYER, EXCEPT FOR GOOD CAUSE.
2. SHOULD THE MAXIMUM ALLOWABLE RENT PROVISION OF THE STATE'S EMERGEN-
CY TENANT PROTECTION REGULATIONS, AND THE STATE'S RENT STABILIZATION
CODE, PROMULGATED BY THE DIVISION OF HOUSING AND COMMUNITY RENEWAL, TOPA
BUYERS SHALL ADJUST THE RENT ANNUALLY TO ALLOW AN INCREASE OF NO MORE
THAN THE INCREASE IN THE CPI.
3. TOPA BUYERS SHALL NOT REFUSE TO PROVIDE RENTAL HOUSING ACCOMMO-
DATIONS TO ANY PERSON BASED ON THE SOURCE OF FUNDS USED TO PAY FOR THE
RENTAL HOUSING ACCOMMODATIONS, INCLUDING BUT NOT LIMITED TO ANY FUNDS
PROVIDED BY SECTION 8 VOUCHERS OR ANY OTHER SUBSIDY PROGRAM ESTABLISHED
BY FEDERAL, STATE OR MUNICIPAL GOVERNMENT, OR ANY FUTURE RENT SUBSIDY
A. 5971 19
FROM A GOVERNMENTAL ENTITY MADE AVAILABLE TO EXTREMELY LOW TO MODERATE
LOW INCOME HOUSEHOLDS FOR VACANT UNITS IN THE PURCHASED RENTAL HOUSING
ACCOMMODATION.
§ 799-R. PRICE STABILIZATION. 1. PRICE STABILIZATION. A RENTAL HOUSING
ACCOMMODATION PURCHASED BY A TOPA BUYER UNDER THIS ARTICLE SHALL BE
SUBJECT TO PERMANENT AFFORDABILITY RESTRICTIONS AS SET FORTH IN THIS
SECTION AND BY REGULATIONS PROMULGATED BY HCR, WHICH SHALL BE PROMULGAT-
ED WITH THE INTENT OF FULFILLING THE PURPOSE OF THIS SECTION.
2. TERM. SUBJECT TO REGULATIONS PROMULGATED BY HCR, PERMANENT AFFORDA-
BILITY STANDARDS SHALL RESTRICT THE USE OF THE RENTAL HOUSING ACCOMMO-
DATION TO REQUIRE THAT PERMANENT AFFORDABILITY RESTRICTIONS REMAIN IN
FORCE FOR NINETY-NINE YEARS AND WITH AN OPTION TO RENEW AT YEAR ONE
HUNDRED. THIS SUBDIVISION SHALL NOT TO BE CONSTRUED TO APPLY ONLY TO
COMMUNITY LAND TRUSTS.
3. PERMANENT AFFORDABILITY. IN EXCHANGE FOR THE RIGHTS CONFERRED UNDER
THIS SECTION, EACH TOPA BUYER SHALL AGREE TO MAINTAIN THE PERMANENT
AFFORDABILITY OF THE RENTAL HOUSING ACCOMMODATION. NO TOPA BUYER SHALL
BE ENTITLED TO A PURCHASE CONTRACT UNDER THIS SECTION WITHOUT EXECUTING
AN AGREEMENT WITH HCR TO LIMIT THE FUTURE APPRECIATION OF THE RENTAL
HOUSING ACCOMMODATION AND ONLY SELL, OR RENT, TO INCOME-ELIGIBLE HOUSE-
HOLDS IN ACCORDANCE WITH THIS SECTION, SECTION SEVEN HUNDRED NINETY-
NINE-Q OF THIS ARTICLE AND RELEVANT STANDARDS AND EXEMPTIONS CREATED BY
HCR THROUGH REGULATION. UNDER SUCH AGREEMENT, EACH TOPA BUYER SHALL
REPRESENT TO HCR THAT THEY AGREE TO BE BOUND BY THE PERMANENT AFFORDA-
BILITY REQUIREMENTS UNDER THIS SECTION. THE TOPA BUYER SHALL DELIVER
SUCH AGREEMENT TO HCR NO LATER THAN THE DEADLINE FOR SUBMITTING AN OFFER
PROVIDED UNDER SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE.
4. PERMANENT AFFORDABILITY STANDARDS FOR TENANTS OR TENANT ORGANIZA-
TIONS. FOR A TENANT OR TENANT ORGANIZATION PURCHASING A RENTAL HOUSING
ACCOMMODATION, PERMANENT AFFORDABILITY STANDARDS CREATED BY HCR SHALL:
(A) RESTRICT THE RESALE PRICE OF THE RENTAL HOUSING ACCOMMODATION, OR
SEPARATE OWNERSHIP INTERESTS IN THE RENTAL HOUSING ACCOMMODATION, BY
LIMITING THE ANNUAL MARKET APPRECIATION OF THE RENTAL HOUSING ACCOMMO-
DATION, OR SEPARATE OWNERSHIP INTEREST, TO A PERCENTAGE INCREASE AS
AGREED UPON BY HCR OR THE REGULATING MUNICIPAL HOUSING AGENCY, NOT TO
EXCEED AN ANNUAL INTEREST RATE OF THREE PERCENT SIMPLE;
(B) ENSURE THAT A UNIT IN WHICH A TENANT DETERMINES TO REMAIN A RENTER
FOLLOWING A PURCHASE UNDER THIS ARTICLE SHALL BE MAINTAINED AS A UNIT
SUBJECT TO THE REQUIREMENTS OF SECTION SEVEN HUNDRED NINETY-NINE-Q OF
THIS ARTICLE, UNLESS HCR DETERMINES A VALID EXEMPTION OR ALTERNATIVE
STANDARD SHOULD APPLY FOR SUCH UNIT ASSISTED BY HCR OR OTHER PUBLIC
SUBSIDY PROGRAM WHICH IS SUBJECT TO SEPARATE PERMANENT AFFORDABILITY
REQUIREMENTS; AND
(C) AT MINIMUM, MAKE THE RESTRICTED RESALE PRICE OF THE RENTAL HOUSING
ACCOMMODATION, OR OWNERSHIP INTERESTS IN THE RENTAL HOUSING ACCOMMO-
DATION, AVAILABLE ONLY TO HOUSEHOLDS WITH INCOME AT OR BELOW THE AVERAGE
AMIS OF THE INITIAL TOPA BUYERS AS OF THE INITIAL PURCHASE DATE OF THE
RENTAL HOUSING ACCOMMODATION, AS VERIFIED AND RECORDED BY HCR AS OF THE
INITIAL PURCHASE DATE AND NOT TO EXCEED EIGHTY PERCENT OF AMI.
5. PERMANENT AFFORDABILITY STANDARDS FOR QUALIFIED PURCHASERS. FOR
QUALIFIED PURCHASERS PURCHASING THE RENTAL HOUSING ACCOMMODATION, PERMA-
NENT AFFORDABILITY STANDARDS CREATED BY HCR SHALL:
(A) RESTRICT THE RESALE PRICE OF THE RENTAL HOUSING ACCOMMODATION, OR
SEPARATE OWNERSHIP INTERESTS IN THE RENTAL HOUSING ACCOMMODATION, BY
LIMITING THE ANNUAL APPRECIATION OF THE RENTAL HOUSING ACCOMMODATION, OR
SEPARATE OWNERSHIP INTEREST, TO A PERCENTAGE INCREASE AS AGREED UPON BY
A. 5971 20
HCR OR THE REGULATING MUNICIPAL HOUSING AGENCY, NOT TO EXCEED AN ANNUAL
INTEREST RATE OF THREE PERCENT SIMPLE;
(B) ENSURE THAT A UNIT IN WHICH A TENANT DETERMINES TO REMAIN A RENTER
FOLLOWING A PURCHASE UNDER THIS ARTICLE SHALL BE MAINTAINED AS A UNIT
SUBJECT TO THE REQUIREMENTS OF SECTION SEVEN HUNDRED NINETY-NINE-Q OF
THIS ARTICLE, UNLESS HCR DETERMINES A VALID EXEMPTION OR ALTERNATIVE
STANDARD SHOULD APPLY FOR SUCH UNIT ASSISTED BY HCR OR OTHER PUBLIC
SUBSIDY PROGRAM WHICH IS SUBJECT TO SEPARATE PERMANENT AFFORDABILITY
REQUIREMENT; AND
(C) PRIORITIZE MAKING VACANT OR VACATED UNITS IN THE RENTAL HOUSING
ACCOMMODATION AVAILABLE TO HOUSEHOLDS WITH INCOMES AT OR BELOW THE AVER-
AGE NEIGHBORHOOD AMI AT THE TIME OF PURCHASE BUT NOT TO EXCEED EIGHTY
PERCENT OF AMI.
6. MECHANISM. PERMANENT AFFORDABILITY RESTRICTIONS SHALL MATERIALIZE
AS AT LEAST ONE OF THE FOLLOWING:
(A) A RESTRICTIVE COVENANT PLACED ON THE RECORDED TITLE DEED TO THE
RENTAL HOUSING ACCOMMODATION THAT RUNS WITH THE LAND AND IS ENFORCEABLE
BY HCR AGAINST THE TOPA BUYER AND ITS SUCCESSORS, AND OTHER AFFORDABILI-
TY RESTRICTIONS IN LAND LEASES OR OTHER RECORDED DOCUMENTS NOT SPECIF-
ICALLY LISTED IN THIS SUBDIVISION, SO LONG AS HCR DETERMINES THAT SUCH
RESTRICTIONS ARE ENFORCEABLE AND LIKELY TO BE ENFORCED SUCH AS A
RECORDED MORTGAGE PROMISSORY NOTE AND/OR REGULATORY AGREEMENTS WITH
LOCAL HOUSING AGENCIES WHERE GOVERNMENT SUBSIDIES ARE INVOLVED; AND
(B) A COMMUNITY LAND TRUST LEASE, WHICH IS A NINETY-NINE-YEAR RENEWA-
BLE LAND LEASE WITH AFFORDABILITY AND OWNER-OCCUPANCY RESTRICTIONS.
7. REQUIRED RECORDINGS AND FILINGS. (A) ALL COVENANTS CREATED IN
ACCORDANCE WITH SECTION SEVEN HUNDRED NINETY-NINE-Q OF THIS ARTICLE
SHALL BE RECORDED BEFORE OR SIMULTANEOUSLY WITH THE CLOSE OF ESCROW IN
THE OFFICE OF THE COUNTY RECORDER WHERE THE RENTAL HOUSING ACCOMMODATION
IS LOCATED AND SHALL CONTAIN A LEGAL DESCRIPTION OF THE RENTAL HOUSING
ACCOMMODATION, INDEXED TO THE NAME OF THE TOPA BUYER AS GRANTEE.
(B) EACH TOPA BUYER OF THE RENTAL HOUSING ACCOMMODATION SHALL BE
REQUIRED TO FILE A DOCUMENT ANNUALLY WITH HCR IN WHICH THE TOPA BUYER
AFFIRMATIVELY STATES THE RENTS AND SHARE PRICE FOR EACH UNIT IN THE
RENTAL HOUSING ACCOMMODATION. HCR MAY ENGAGE A THIRD-PARTY MONITORING
AGENT TO MONITOR THE COMPLIANCE OF THIS SUBDIVISION, PURSUANT TO HCR
REGULATIONS.
§ 799-S. INCENTIVES. 1. ACCESS TO BUYERS. HCR SHALL ENDEAVOR TO MAIN-
TAIN AND PUBLICIZE THE LIST OF QUALIFIED PURCHASERS IN A MANNER THAT, TO
THE MAXIMUM EXTENT FEASIBLE, PROMOTES THE EXISTENCE OF THE QUALIFIED
PURCHASERS AS A READILY ACCESSIBLE POOL OF POTENTIAL BUYERS FOR COVERED
PROPERTIES. HCR SHALL, TO THE MAXIMUM EXTENT PERMITTED BY LAW AND OTHER-
WISE FEASIBLE, PUBLICIZE THE EXISTENCE OF THIS LIST IN A MANNER INTENDED
TO FACILITATE VOLUNTARY SALES TO QUALIFIED PURCHASERS IN A MANNER THAT
AVOIDS OR MINIMIZES THE NEED FOR A BROKER, OTHER SEARCH COSTS, OR OTHER
TRANSACTIONS.
2. PARTIAL TRANSFER TAX EXEMPTION. THE TAX RATE SHALL BE REDUCED IN
ACCORDANCE WITH SECTION FOURTEEN HUNDRED TWO OF THE TAX LAW WITH RESPECT
TO ANY DEED, INSTRUMENT, OR WRITING THAT AFFECTS A TRANSFER UNDER THIS
ARTICLE.
3. POTENTIAL FEDERAL TAX BENEFITS. ANY QUALIFIED PURCHASER THAT
PURCHASES A RENTAL HOUSING ACCOMMODATION UNDER THE RIGHT OF FIRST OFFER
SET FORTH IN SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE SHALL,
TO THE MAXIMUM EXTENT PERMITTED BY LAW AND OTHERWISE FEASIBLE, BE
OBLIGED TO WORK WITH THE OWNER IN GOOD FAITH TO FACILITATE AN EXCHANGE
OF REAL PROPERTY OF THE KIND DESCRIBED IN 26 U.S.C. § 1031, FOR THE
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PURPOSE OF FACILITATING THE OWNER'S REALIZATION OF ANY FEDERAL TAX BENE-
FITS AVAILABLE UNDER THAT SECTION OF THE INTERNAL REVENUE CODE.
4. INFORMATION TO OWNERS. HCR SHALL PRODUCE AN INFORMATION SHEET
DESCRIBING THE BENEFITS OF AN OWNER'S DECISION TO ACCEPT A TENANTS' OR
QUALIFIED PURCHASER'S OFFER OF PURCHASE MADE IN CONNECTION WITH THE
FIRST RIGHT TO PURCHASE SET FORTH IN SECTIONS SEVEN HUNDRED
NINETY-NINE-K AND SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE. THE
INFORMATION SHEET SHALL FURTHER EXPLAIN THAT, EVEN IF AN OWNER DOES NOT
ACCEPT A TENANT'S OR QUALIFIED PURCHASER'S OFFER TO PURCHASE A RENTAL
HOUSING ACCOMMODATION PURSUANT TO THE RIGHT OF FIRST OFFER SET FORTH IN
SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE, THE RENTAL HOUSING
ACCOMMODATION WILL STILL BE SUBJECT TO THE RIGHT OF FIRST REFUSAL SET
FORTH IN SECTION SEVEN HUNDRED NINETY-NINE-L OF THIS ARTICLE. THE INFOR-
MATION SHEET SHALL CONTAIN A FIELD IN WHICH THE OWNER MAY ACKNOWLEDGE,
IN WRITING, THAT THE OWNER, OR THE OWNER'S AUTHORIZED REPRESENTATIVE,
HAS READ AND UNDERSTOOD THE INFORMATION SHEET. A TENANT, TENANT ORGAN-
IZATION, OR QUALIFIED PURCHASER THAT MAKES AN OFFER TO PURCHASE A RENTAL
HOUSING ACCOMMODATION UNDER THE RIGHT OF FIRST OFFER SET FORTH IN
SECTION SEVEN HUNDRED NINETY-NINE-K OF THIS ARTICLE, SHALL INCLUDE A
COPY OF, OR LINK TO, SUCH INFORMATION SHEET WITH SUCH OFFER OF PURCHASE,
BUT ANY FAILURE TO COMPLY WITH THIS SECTION SHALL HAVE NO EFFECT ON A
QUALIFIED PURCHASER'S EXERCISE OF THE RIGHT OF FIRST OFFER.
§ 799-T. ENFORCEMENT. 1. POWERS AND DUTIES OF HCR. HCR SHALL BE
AUTHORIZED TO TAKE ALL APPROPRIATE ACTION, INCLUDING BUT NOT LIMITED TO
THE ACTIONS SPECIFIED IN SECTION SEVEN HUNDRED NINETY-NINE-A OF THIS
ARTICLE, TO IMPLEMENT AND ENFORCE THIS ARTICLE.
2. IMPLEMENTATION. (A) HCR SHALL PROMULGATE RULES AND REGULATIONS
CONSISTENT WITH THIS ARTICLE.
(B) HCR SHALL ADOPT REGULATIONS TO IMPLEMENT A PETITION AND HEARING
PROCEDURE FOR ADMINISTERING THE ENFORCEMENT OF THIS ARTICLE.
(C) HCR SHALL ESTABLISH AND MAKE AVAILABLE STANDARD DOCUMENTS TO
ASSIST OWNERS, TENANTS, TENANT ORGANIZATIONS, AND QUALIFIED PURCHASERS
IN COMPLYING WITH THE REQUIREMENTS OF THIS ARTICLE THROUGH AN ONLINE
PORTAL, PROVIDED THAT USE OF SUCH DOCUMENTS DOES NOT NECESSARILY ESTAB-
LISH COMPLIANCE.
(D) OWNER CERTIFICATION AND DISCLOSURES. EVERY OWNER OF A RESIDENTIAL
PROPERTY IN THE STATE SHALL, WITHIN FIFTEEN DAYS OF THE SALE OF SUCH
RESIDENTIAL PROPERTY, SUBMIT TO HCR A SIGNED DECLARATION, UNDER PENALTY
OF PERJURY, AFFIRMING THAT THE SALE OF SUCH RESIDENTIAL PROPERTY
COMPLIED WITH THE REQUIREMENTS OF THIS ARTICLE. SUCH DECLARATION SHALL
INCLUDE THE ADDRESS OF THE RELEVANT RESIDENTIAL PROPERTY AND THE NAME OF
EACH NEW OWNER OF THE RENTAL HOUSING ACCOMMODATION. HCR SHALL PUBLISH
ALL SUCH ADDRESSES ON ITS WEBSITE. FAILURE TO FILE A DECLARATION
REQUIRED BY THIS PARAGRAPH SHALL RESULT IN THE PENALTY DESCRIBED IN
SUBPARAGRAPH (I) OF PARAGRAPH (B) OF SUBDIVISION THREE OF THIS SECTION.
3. ENFORCEMENT. (A) CIVIL ACTION. ANY PARTY MAY SEEK ENFORCEMENT OF
ANY RIGHT OR PROVISION UNDER THIS ARTICLE THROUGH A CIVIL ACTION FILED
WITH A COURT OF COMPETENT JURISDICTION AND, UPON PREVAILING, SHALL BE
ENTITLED TO REMEDIES, INCLUDING THOSE DESCRIBED IN PARAGRAPH (B) OF THIS
SUBDIVISION.
(B) PENALTIES AND REMEDIES.
(I) CIVIL PENALTIES. AN OWNER WHO WILLFULLY OR KNOWINGLY VIOLATES ANY
PROVISION OF THIS ARTICLE SHALL BE SUBJECT TO A CUMULATIVE CIVIL PENALTY
IMPOSED BY HCR IN THE AMOUNT OF UP TO ONE THOUSAND DOLLARS PER DAY, PER
TENANT-OCCUPIED UNIT IN A RENTAL HOUSING ACCOMMODATION, FOR EACH DAY
A. 5971 22
FROM THE DATE THE VIOLATION BEGAN UNTIL THE REQUIREMENTS OF THIS ARTICLE
ARE SATISFIED, PAYABLE TO THE NEW YORK HOUSING TRUST FUND.
(II) LEGAL REMEDIES. REMEDIES IN CIVIL ACTION BROUGHT UNDER THIS
SECTION SHALL INCLUDE THE FOLLOWING, WHICH MAY BE IMPOSED CUMULATIVELY:
(A) DAMAGES IN AN AMOUNT SUFFICIENT TO REMEDY THE HARM TO THE PLAIN-
TIFF;
(B) IN THE EVENT THAT AN OWNER SELLS A RENTAL HOUSING ACCOMMODATION
WITHOUT COMPLYING WITH THE REQUIREMENTS OF THIS ARTICLE, AND IF THE
OWNER'S VIOLATION OF THIS ARTICLE WAS KNOWING OR WILLFUL, MANDATORY
CIVIL PENALTIES IN AN AMOUNT PROPORTIONAL TO THE CULPABILITY OF THE
OWNER AND THE VALUE OF THE RENTAL HOUSING ACCOMMODATION. THERE SHALL BE
A REBUTTABLE PRESUMPTION THAT THIS AMOUNT IS EQUAL TO TEN PERCENT OF THE
SALE PRICE OF THE RENTAL HOUSING ACCOMMODATION FOR A WILLFUL OR KNOWING
VIOLATION OF THIS ARTICLE, TWENTY PERCENT OF THE SALE PRICE FOR A SECOND
WILLFUL OR KNOWING VIOLATION, AND THIRTY PERCENT OF THE SALE PRICE FOR
EACH SUBSEQUENT WILLFUL OR KNOWING VIOLATION. CIVIL PENALTIES ASSESSED
UNDER THIS PARAGRAPH SHALL BE PAYABLE TO THE NEW YORK HOUSING TRUST
FUND; AND
(C) REASONABLE ATTORNEYS' FEES.
(III) EQUITABLE REMEDIES. IN ADDITION TO ANY OTHER REMEDY OR ENFORCE-
MENT MEASURE THAT A TENANT, TENANT ORGANIZATION, QUALIFIED PURCHASER, OR
HCR MAY SEEK UNDER THIS SECTION, ANY COURT OF COMPETENT JURISDICTION MAY
ENJOIN ANY SALE OR OTHER ACTION OF AN OWNER THAT WOULD BE MADE IN
VIOLATION OF THIS ARTICLE.
§ 799-U. STATUTORY CONSTRUCTION. THE PURPOSE OF THIS ARTICLE SHALL BE
TO PREVENT THE DISPLACEMENT OF LOWER-INCOME TENANTS IN NEW YORK AND TO
PRESERVE AFFORDABLE HOUSING BY PROVIDING AN OPPORTUNITY FOR TENANTS TO
OWN OR REMAIN RENTERS IN THE PROPERTIES IN WHICH TENANTS RESIDE AS
PROVIDED IN THIS ARTICLE. IF A COURT FINDS AMBIGUITY AND THERE IS ANY
REASONABLE INTERPRETATION OF THIS ARTICLE THAT FAVORS THE RIGHTS OF THE
TENANT, THEN THE COURT SHALL RESOLVE AMBIGUITY TOWARD THE END OF
STRENGTHENING THE LEGAL RIGHTS OF THE TENANT OR TENANT ORGANIZATION TO
THE MAXIMUM EXTENT PERMISSIBLE UNDER LAW.
§ 799-V. ADMINISTRATION AND REPORTS. 1. HCR SHALL REPORT ANNUALLY ON
THE STATUS OF THE TENANT OPPORTUNITY TO PURCHASE ACT PROGRAM TO THE
LEGISLATURE OR TO SUCH LEGISLATIVE COMMITTEE AS THE LEGISLATURE MAY
DESIGNATE. SUCH REPORTS SHALL INCLUDE, BUT SHALL NOT BE LIMITED TO THE
FOLLOWING:
(A) STATISTICS ON THE NUMBER AND TYPES OF SALES OF TENANT OCCUPIED
PROPERTIES;
(B) STATISTICS ON THE NUMBER OF TENANTS AND QUALIFIED PURCHASERS THAT
INVOKE ACTION UNDER THIS ARTICLE;
(C) NUMBER AND TYPES OF UNITS COVERED BY THIS ARTICLE; AND
(D) ANY OTHER INFORMATION THE LEGISLATURE OR LEGISLATIVE COMMITTEE MAY
REQUEST.
2. HCR SHALL MAKE AVAILABLE TRANSLATION SERVICES IN LANGUAGES OTHER
THAN ENGLISH, WHERE REQUESTED IN ADVANCE BY A TENANT, TENANT ORGANIZA-
TION, QUALIFIED PURCHASER, OWNER, OR MEMBER OF THE PUBLIC AS IT RELATES
TO TOPA, TO INTERPRET AND TRANSLATE DOCUMENTS AND PROCEDURES AS NEEDED.
§ 799-W. SEVERABILITY. IF ANY WORD, PHRASE, CLAUSE, SENTENCE,
SUBSECTION, SECTION, OR OTHER PORTION OF THIS ARTICLE, OR ANY APPLICA-
TION THEREOF TO ANY PERSON OR CIRCUMSTANCE IS DECLARED VOID, UNCONSTITU-
TIONAL, OR INVALID FOR ANY REASON BY A DECISION OF A COURT OF COMPETENT
JURISDICTION, THEN SUCH WORD, PHRASE, CLAUSE, SENTENCE, SUBSECTION,
SECTION, OR OTHER PORTION, OR THE PRESCRIBED APPLICATION THEREOF, SHALL
BE SEVERABLE, AND THE REMAINING PROVISIONS OF THIS ARTICLE, AND ALL
A. 5971 23
APPLICATIONS THEREOF, NOT HAVING BEEN DECLARED VOID, UNCONSTITUTIONAL OR
INVALID, SHALL REMAIN IN FULL FORCE AND EFFECT. THE LEGISLATURE HEREBY
DECLARES THAT IT WOULD HAVE PASSED THIS ARTICLE, AND EACH SECTION,
SUBSECTION, SENTENCE, CLAUSE, PHRASE, AND WORD THEREOF, IRRESPECTIVE OF
THE FACT THAT ANY ONE OR MORE SECTIONS, SUBSECTIONS, SENTENCES, CLAUSES,
PHRASES, OR WORDS HAD BEEN DECLARED INVALID OR UNCONSTITUTIONAL.
§ 4. This act shall take effect on the one hundred eightieth day after
it shall have become a law. Effective immediately, the addition, amend-
ment and/or repeal of any rule or regulation necessary for the implemen-
tation of this act on its effective date are authorized to be made and
completed on or before such effective date.
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