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Assembly Bill A2456

2011-2012 Legislative Session

Extends from 20 to 50 years the time before which certain limited-profit housing companies may not voluntarily dissolve without consent

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Archive: Last Bill Status - In Assembly Committee

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2011-A2456 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in 2009-2010 Legislative Session:
A2362

2011-A2456 (ACTIVE) - Summary

Extends from 20 to 50 years the time before which certain limited-profit housing companies may not voluntarily dissolve without consent of the commissioner or of the supervising agency.

2011-A2456 (ACTIVE) - Bill Text download pdf 

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

                                  2456

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 18, 2011
                               ___________

Introduced  by  M. of A. V. LOPEZ, BROOK-KRASNY, WRIGHT, SPANO, ROBINSON
  -- Multi-Sponsored by -- M. of A. GLICK, GOTTFRIED, MILLMAN, ROSENTHAL
  -- read once and referred to the Committee on Housing

AN ACT to amend the private housing finance law, in relation  to  volun-
  tary dissolution of limited-profit housing 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 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]  FIFTY 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.
  S 2. This act shall take effect immediately; provided,  however,  that
the provisions of this act shall not apply to any mutual housing company
which,  prior  to  the  date  that this act becomes law, has secured the
approval of its shareholders by a vote which complies with all  applica-
ble  state and local laws, rules and regulations to submit to the office
of the Attorney General of the State of New York a  private  cooperative
offering plan for the housing project.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04992-01-1

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