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Assembly Bill A2592

2011-2012 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 - On Floor Calendar

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2011-A2592 (ACTIVE) - Details

See Senate Version of this Bill:
S1513
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง35, Priv Hous Fin L
Versions Introduced in 2009-2010 Legislative Session:
A2361, S5509

2011-A2592 (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.

2011-A2592 (ACTIVE) - Bill Text download pdf 

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

                                  2592

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 19, 2011
                               ___________

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

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.
                                                           LBD04855-01-1

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