Senate Bill S5509

2009-2010 Legislative Session

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

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Archive: Last Bill Status Via A2361 - On Floor Calendar

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S5509 (ACTIVE) - Details

See Assembly Version of this Bill:
A2361
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in 2011-2012 Legislative Session:
S1513, A2592

2009-S5509 (ACTIVE) - Summary

Requires companies aided by loans under Mitchell-Lama to notify tenants of such housing of the possibility of buyout from mortgages held which would potentially result in rent increases not later than twelve months prior to proposed dissolution; provides such notice shall inform tenants of the nature of the action, the date intended, the applicable laws and a summary of the potential consequences including expenses and rent increases which may be charged; requires the commissioner or supervising agency to prepare a report to be made available to the tenants of the project.

2009-S5509 (ACTIVE) - Sponsor Memo

2009-S5509 (ACTIVE) - Bill Text download pdf 

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

                                  5509

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              May 13, 2009
                               ___________

Introduced  by  Sen.  KLEIN  -- 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 notifi-
  cation of tenants of pending "buy out" from mortgages by Mitchell-Lama
  building owners

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

  Section 1. Section 35 of the private housing finance law is amended by
adding two new subdivisions 5 and 6 to read as follows:
  5.  (A)  ANY  COMPANY  WHICH INTENDS TO DISSOLVE OR OTHERWISE TAKE ANY
ACTION WHICH WOULD CAUSE THE COMPANY TO NO LONGER BE SUBJECT  TO  SUPER-
VISION  OF  THE  COMMISSIONER OR THE SUPERVISING AGENCY SHALL PROVIDE TO
EVERY LEASE HOLDER OF AN APARTMENT  IN  THE  PROJECT  OF  SUCH  COMPANY,
NOTICE NOT LESS THAN TWELVE MONTHS PRIOR TO THE ANTICIPATED DATE OF SUCH
ACTION CONTAINING THE FOLLOWING INFORMATION IN PLAIN LANGUAGE:
  (I) THE NATURE OF THE ACTION WHICH THE COMPANY INTENDS TO TAKE;
  (II) THE DATE ON WHICH SUCH ACTION IS ANTICIPATED TO TAKE PLACE;
  (III)  THE  PROVISIONS  OF  LAW  OR  REGULATION PURSUANT TO WHICH SUCH
ACTION IS AUTHORIZED; AND
  (IV) A SUMMARY OF THE POTENTIAL CONSEQUENCES OF SUCH  ACTION,  INCLUD-
ING, BUT NOT LIMITED TO, ITS EFFECT ON THE FOLLOWING:
  (1) OWNERSHIP OF THE PROJECT;
  (2) SUPERVISION OF THE PROJECT;
  (3) EXPENSES OF THE PROJECT INCLUDING TAXES AND OTHER MUNICIPAL CHARG-
ES; AND
  (4) RENTS.
  (B) ANY CITY, TOWN OR VILLAGE MAY ENACT LOCAL LAWS, ORDINANCES, RESOL-
UTIONS  OR  REGULATIONS NOT LESS RESTRICTIVE THAN THOSE PROVIDED IN THIS
SUBDIVISION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05739-01-9

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