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Senate Bill S349

2009-2010 Legislative Session

Establishes a moratorium on voluntary dissolution of limited-profit housing companies

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2009-S349 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in 2011-2012 Legislative Session:
S2674

2009-S349 (ACTIVE) - Summary

Establishes a moratorium on the voluntary dissolution of cooperative limited-profit (Mitchell-Lama) housing companies without the consent of the commissioner of housing or supervising agency until June 30, 2010.

2009-S349 (ACTIVE) - Sponsor Memo

2009-S349 (ACTIVE) - Bill Text download pdf 

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

                                   349

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- 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 private housing finance law, in relation to estab-
  lishing a moratorium on voluntary dissolution of limited-profit  hous-
  ing companies

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

  Section 1. Subdivision 2 of section 35 of the private housing  finance
law,  as  amended by chapter 229 of the laws of 1989, is amended to read
as follows:
   2.  (A) A company aided by a loan  made  after  May  first,  nineteen
hundred fifty-nine, may voluntarily be dissolved, without the consent of
the  commissioner  or of the supervising agency, as the case may be, not
less than twenty years after the occupancy date upon the payment in full
of the remaining balance of principal and interest due and  unpaid  upon
the  mortgage  or  mortgages  and  of  any  and all expenses incurred in
effecting such voluntary dissolution.
  (B) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF  THIS  SUBDIVI-
SION,  A  COMPANY AIDED BY A LOAN MADE AFTER MAY FIRST, NINETEEN HUNDRED
FIFTY-NINE, MAY NOT VOLUNTARILY BE DISSOLVED, OR  EXPEND  ANY  FUNDS  IN
FURTHERANCE  OF  THE DISSOLUTION OF SAID COMPANY, WITHOUT THE CONSENT OF
THE COMMISSIONER OR OF THE SUPERVISING AGENCY, AS THE CASE MAY BE, PRIOR
TO JUNE THIRTIETH, TWO THOUSAND TEN.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03485-01-9

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