Senate Bill S3566B

2023-2024 Legislative Session

Provides for the conversion of condominium ownership for the preservation of expiring affordable housing in the city of New York

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules 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

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Votes

Bill Amendments

co-Sponsors

2023-S3566 - Details

See Assembly Version of this Bill:
A6921
Current Committee:
Senate Rules
Law Section:
General Business Law
Laws Affected:
Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L
Versions Introduced in 2021-2022 Legislative Session:
S8334, A9340

2023-S3566 - Summary

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

2023-S3566 - Sponsor Memo

2023-S3566 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3566
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT to amend the general business law, the real property law and the
   state finance law, in relation  to  providing  expanded  homeownership
   opportunities from the conversion of certain residential rental build-
   ings  to condominium status by property owners that commit to preserve
   the inventory of expiring affordable housing in the city of New York
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-eeeee to read as follows:
   § 352-EEEEE. CONVERSIONS TO CONDOMINIUM OWNERSHIP FOR THE PRESERVATION
 OF  EXPIRING  AFFORDABLE HOUSING IN THE CITY OF NEW YORK.  1. AS USED IN
 THIS SECTION, THE FOLLOWING WORDS AND TERMS  SHALL  HAVE  THE  FOLLOWING
 MEANINGS:
   (A) "ANNUAL UPDATE AMENDMENT". AN ANNUAL UPDATE AMENDMENT IS AN AMEND-
 MENT  TO  THE  PRESERVATION PLAN THAT SHALL BE SUBMITTED TO THE ATTORNEY
 GENERAL EVERY YEAR THAT A DWELLING UNIT IS UNSOLD, WITH THE  FIRST  SUCH
 ANNUAL UPDATE AMENDMENT DUE WITHIN FORTY-FIVE DAYS OF THE ANNIVERSARY OF
 THE  ACCEPTANCE  OF THE POST-CLOSING AMENDMENT TO THE PRESERVATION PLAN.
 AN ANNUAL UPDATE AMENDMENT SHALL SUPPLY THE EVIDENCE, DATA AND  INFORMA-
 TION  REQUIRED IN THIS SECTION, AND SUCH OTHER INFORMATION AS THE ATTOR-
 NEY GENERAL'S REGULATIONS SHALL REQUIRE, SO THAT THE ATTORNEY GENERAL IS
 SATISFIED THAT THE PRESERVATION PLAN AS AMENDED DISCLOSES  THE  INFORMA-
 TION  NECESSARY  FOR  A  REASONABLE INVESTOR TO MAKE HIS OR HER PURCHASE
 DECISION AND THAT THE PRESERVATION PLAN IS OTHERWISE  COMPLETE,  CURRENT
 AND ACCURATE.
   (B)  "BONA  FIDE  PURCHASER".  A  BONA  FIDE PURCHASER IS EITHER (I) A
 TENANT IN OCCUPANCY WHO ENTERS INTO A PURCHASE AGREEMENT FOR A  DWELLING
 UNIT PURSUANT TO HIS, HER, OR ITS EXERCISE OF ONE OF THE RIGHTS ACCORDED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08163-01-3
              

co-Sponsors

2023-S3566A - Details

See Assembly Version of this Bill:
A6921
Current Committee:
Senate Rules
Law Section:
General Business Law
Laws Affected:
Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L
Versions Introduced in 2021-2022 Legislative Session:
S8334, A9340

2023-S3566A - Summary

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

2023-S3566A - Sponsor Memo

2023-S3566A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3566--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sens. CLEARE, GOUNARDES -- read twice and ordered printed,
   and  when  printed  to  be  committed  to  the  Committee  on Housing,
   Construction and Community Development -- committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 AN ACT to amend the general business law, the real property law and  the
   state  finance  law,  in  relation to providing expanded homeownership
   opportunities from the conversion of certain residential rental build-
   ings to condominium status by  property  owners  that  commit  to  the
   stewardship  of  permanently  affordable units and the preservation of
   expiring affordable housing inventory in the city  of  New  York;  and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-eeeee to read as follows:
   § 352-EEEEE. CONVERSIONS TO CONDOMINIUM OWNERSHIP FOR THE PRESERVATION
 OF EXPIRING AFFORDABLE HOUSING IN THE CITY OF NEW YORK.  1. AS  USED  IN
 THIS  SECTION,  THE  FOLLOWING  WORDS AND TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "ANNUAL UPDATE AMENDMENT". AN ANNUAL UPDATE AMENDMENT IS AN AMEND-
 MENT TO THE PRESERVATION PLAN THAT SHALL BE SUBMITTED  TO  THE  ATTORNEY
 GENERAL  EVERY  YEAR THAT A DWELLING UNIT IS UNSOLD, WITH THE FIRST SUCH
 ANNUAL UPDATE AMENDMENT DUE WITHIN FORTY-FIVE DAYS OF THE ANNIVERSARY OF
 THE ACCEPTANCE OF THE POST-CLOSING AMENDMENT TO THE  PRESERVATION  PLAN.
 AN  ANNUAL UPDATE AMENDMENT SHALL SUPPLY THE EVIDENCE, DATA AND INFORMA-
 TION REQUIRED IN THIS SECTION, AND SUCH OTHER INFORMATION AS THE  ATTOR-
 NEY GENERAL'S REGULATIONS SHALL REQUIRE, SO THAT THE ATTORNEY GENERAL IS
 SATISFIED  THAT  THE PRESERVATION PLAN AS AMENDED DISCLOSES THE INFORMA-
 TION NECESSARY FOR A REASONABLE INVESTOR TO MAKE  HIS  OR  HER  PURCHASE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08163-04-3
 S. 3566--A                          2
              

co-Sponsors

2023-S3566B (ACTIVE) - Details

See Assembly Version of this Bill:
A6921
Current Committee:
Senate Rules
Law Section:
General Business Law
Laws Affected:
Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L
Versions Introduced in 2021-2022 Legislative Session:
S8334, A9340

2023-S3566B (ACTIVE) - Summary

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

2023-S3566B (ACTIVE) - Sponsor Memo

2023-S3566B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3566--B
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sens. CLEARE, GOUNARDES -- read twice and ordered printed,
   and  when  printed  to  be  committed  to  the  Committee  on Housing,
   Construction and Community Development -- committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to  the  Committee  on  Housing,  Construction  and
   Community  Development  in  accordance  with  Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 AN  ACT  to amend the general business law and the real property law, in
   relation to providing expanded homeownership  opportunities  from  the
   conversion  of  certain  residential  rental  buildings to condominium
   status by property owners that commit to the stewardship of permanent-
   ly affordable units and the preservation of expiring affordable  hous-
   ing inventory in the city of New York; and providing for the repeal of
   such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-eeeee to read as follows:
   § 352-EEEEE. CONVERSIONS TO CONDOMINIUM OWNERSHIP FOR THE PRESERVATION
 OF EXPIRING AFFORDABLE HOUSING IN THE CITY OF NEW YORK.  1. AS  USED  IN
 THIS  SECTION,  THE  FOLLOWING  WORDS AND TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "ANNUAL UPDATE AMENDMENT". AN ANNUAL UPDATE AMENDMENT IS AN AMEND-
 MENT TO THE PRESERVATION PLAN THAT SHALL BE SUBMITTED  TO  THE  ATTORNEY
 GENERAL  EVERY  YEAR THAT A DWELLING UNIT IS UNSOLD, WITH THE FIRST SUCH
 ANNUAL UPDATE AMENDMENT DUE WITHIN FORTY-FIVE DAYS OF THE ANNIVERSARY OF
 THE ACCEPTANCE OF THE POST-CLOSING AMENDMENT TO THE  PRESERVATION  PLAN.
 AN  ANNUAL UPDATE AMENDMENT SHALL SUPPLY THE EVIDENCE, DATA AND INFORMA-
 TION REQUIRED IN THIS SECTION, AND SUCH OTHER INFORMATION AS THE  ATTOR-
 NEY GENERAL'S REGULATIONS SHALL REQUIRE, SO THAT THE ATTORNEY GENERAL IS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08163-06-4
              

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