Assembly Bill A3682

2021-2022 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 - In Assembly Committee

  • 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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2021-A3682 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: A6568
2015-2016: A3729
2017-2018: A5559
2019-2020: A4190
2023-2024: A4706

2021-A3682 (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.

2021-A3682 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3682
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
   Committee on Housing
 
 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 three new subdivisions 5, 6 and 7 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  PERSON  THAT  CURRENTLY HAS A LEASE FOR HOUSING IN THE PROJECT OF
 SUCH COMPANY, NOTICE NOT LESS THAN TWELVE MONTHS  PRIOR  TO  THE  ANTIC-
 IPATED 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, WHICH SHALL INCLUDE BUT NOT BE LIMITED TO
 TAXES AND OTHER MUNICIPAL CHARGES;
   (4) RENTS; AND
   (5) ANY GOVERNMENTAL APPROVALS OR AUTHORIZATION, IF ANY, NECESSARY FOR
 SUCH  ACTION  TO  OCCUR, INCLUDING INFORMATION SETTING FORTH THE GOVERN-
 MENTAL BODY THAT WOULD NEED TO ISSUE SUCH APPROVAL OR AUTHORIZATION  AND
 THE DATES BY WHICH SUCH APPROVAL OR AUTHORIZATION WOULD BE REQUIRED.

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

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