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Assembly Bill A1772

2011-2012 Legislative Session

Relates to mutual companies in N.Y. city

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Archive: Last Bill Status - In Assembly Committee

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2011-A1772 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A858, A9977
2013-2014: A248
2015-2016: A971
2017-2018: A5195
2019-2020: A734
2021-2022: A1857
2023-2024: A583

2011-A1772 (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.

2011-A1772 (ACTIVE) - Bill Text download pdf 

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

                                  1772

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 11, 2011
                               ___________

Introduced  by  M.  of A. ROSENTHAL, BING, V. LOPEZ, BENEDETTO, MILLMAN,
  ROBINSON, COOK, KELLNER,  N. RIVERA,  SPANO,  BROOK-KRASNY,  JEFFRIES,
  JAFFEE  --  Multi-Sponsored  by -- M. of A. BOYLAND, BRENNAN, FARRELL,
  GLICK, HEASTIE, MAISEL, MARKEY, PHEFFER, REILLY, TITONE --  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
                      [ ] is old law to be omitted.
                                                           LBD01774-01-1

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