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Assembly Bill A858

2009-2010 Legislative Session

Relates to mutual companies in N.Y. city

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Archive: Last Bill Status - Stricken

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2009-A858 (ACTIVE) - Details

See other versions of this Bill:
A9977 ,
S3861 ,
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: A1772
2013-2014: A248
2015-2016: A971
2017-2018: A5195
2019-2020: A734
2021-2022: A1857
2023-2024: A583

2009-A858 (ACTIVE) - Summary

Requires a Mitchell-Lama cooperative seeking to dissolve to offer cooperators who may not be able to afford the increased carrying charges the opportunity to sell.

2009-A858 (ACTIVE) - Bill Text download pdf 

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

                                   858

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M.  of  A.  BING,  V. LOPEZ, BENEDETTO, MILLMAN, JAFFEE,
  ROBINSON, ESPAILLAT, COOK, KELLNER, N. RIVERA -- Multi-Sponsored by --
  M. of A. BOYLAND, BRENNAN, CHRISTENSEN, DIAZ, FARRELL, GLICK,  GREENE,
  HEASTIE,  MAISEL, MARKEY, PHEFFER, REILLY -- read once and referred to
  the Committee on Housing

AN ACT to amend the private housing finance law, in relation  to  mutual
  companies in a city with a population of one million or more

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 35 of the private housing finance law is amended by
adding a new subdivision 5 to read as follows:
  5. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS  ARTICLE  OR  OF
ANY  OTHER  PROVISION OF GENERAL, SPECIAL OR LOCAL LAW, A MUTUAL COMPANY
THAT OPERATES A PROJECT IN A CITY WITH A POPULATION OF  ONE  MILLION  OR
MORE,  MUST,  AT LEAST NINETY DAYS BEFORE THE DATE OF ITS DISSOLUTION OR
RECONSTITUTION PURSUANT TO THIS SECTION, MAKE AN OFFER  TO  ALL  OF  ITS
SHAREHOLDERS TO REPURCHASE THEIR SHARES IN SUCH MUTUAL COMPANY. A SHARE-
HOLDER  WHO ELECTS TO SELL HIS OR HER SHARES BACK TO SUCH MUTUAL COMPANY
SHALL BE OFFERED A ONE-YEAR OR A TWO-YEAR LEASE FOR HIS OR HER  DWELLING
UNIT  TO  COMMENCE  UPON THE DATE OF SUCH DISSOLUTION OR RECONSTITUTION,
AND SUCH DWELLING UNIT SHALL BE FULLY SUBJECT TO THE PROVISIONS  OF  THE
RENT  STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE AND THE EMERGENCY
TENANT PROTECTION ACT OF NINETEEN SEVENTY-FOUR. THE INITIAL LEGAL  REGU-
LATED  RENT  FOR  ANY  SUCH DWELLING UNIT FOLLOWING THE DISSOLUTION DATE
SHALL BE THE LAST CARRYING CHARGES AUTHORIZED  FOR  SUCH  DWELLING  UNIT
BEFORE THE DISSOLUTION DATE, INCLUDING SURCHARGES, IF ANY, AND SHALL NOT
BE  SUBJECT TO ADJUSTMENT PURSUANT TO SUBDIVISION A OF SECTION 26-513 OF
THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK. ANY SUCH DWELLING  UNIT
WHICH IS SUBJECT TO RENT REGULATION SOLELY BY VIRTUE OF THIS SUBDIVISION
SHALL BE DECONTROLLED UPON THE FIRST VACANCY THEREOF.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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