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Assembly Bill A621

2021-2022 Legislative Session

Relates to directing the department of housing preservation and development of the city of New York to promulgate rules and regulations regarding mutual housing companies considering dissolution

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Archive: Last Bill Status - In Assembly Committee

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2021-A621 (ACTIVE) - Details

See Senate Version of this Bill:
S2741
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §35-a, Priv Hous Fin L
Versions Introduced in 2019-2020 Legislative Session:
A9720, S8132

2021-A621 (ACTIVE) - Summary

Directs the department of housing preservation and development of the city of New York to promulgate rules and regulations regarding mutual housing companies considering dissolution and/or reconstitution.

2021-A621 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    621
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A.  L. ROSENTHAL, PHEFFER AMATO -- read once and
   referred to the Committee on Housing
 
 AN ACT to amend the private housing finance law, in relation to  direct-
   ing the department of housing preservation and development of the city
   of New York to promulgate rules and regulations regarding mutual hous-
   ing companies considering dissolution and/or reconstitution
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The private housing finance law is amended by adding a  new
 section 35-a to read as follows:
   §  35-A. RULES AND REGULATIONS REGARDING DISSOLUTION. THE COMMISSIONER
 OR SUPERVISING AGENCY SHALL PROMULGATE RULES AND  REGULATIONS  REGARDING
 MUTUAL  HOUSING  COMPANIES CONSIDERING DISSOLUTION AND/OR RECONSTITUTION
 PURSUANT TO SECTION THIRTY-FIVE OF THIS ARTICLE. SUCH  RULES  AND  REGU-
 LATIONS SHALL AT A MINIMUM INCLUDE:
   1.  A REQUIREMENT THAT ANY VOTE FOR DISSOLUTION OF THE COMPANY, OR FOR
 AUTHORIZATION OF A FEASIBILITY STUDY, A PRELIMINARY OFFERING PLAN  WHICH
 MAY  BE REFERRED TO AS A RED HERRING, A FINAL OFFERING PLAN WHICH MAY BE
 REFERRED TO AS A BLACK BOOK, A PROXY STATEMENT, OR TO SEND A  NOTICE  OF
 INTENT  TO  DISSOLVE  TO  THE  COMMISSIONER  OR SUPERVISING AGENCY SHALL
 REQUIRE THE APPROVAL OF EIGHTY PERCENT OF ALL DWELLING UNITS, BOTH OCCU-
 PIED AND UNOCCUPIED, OWNED BY THE MUTUAL HOUSING COMPANY.
   2. A REQUIREMENT THAT NO FUNDS FROM THE OPERATING BUDGET OF THE MUTUAL
 HOUSING COMPANY SHALL BE USED FOR THE PREPARATION OR DISTRIBUTION  OF  A
 FEASIBILITY  STUDY,  A PRELIMINARY OFFERING PLAN OR RED HERRING, A FINAL
 OFFERING PLAN OR BLACK BOOK, A PROXY STATEMENT, OR A NOTICE OF INTENT TO
 DISSOLVE; OR TO PAY FOR ANY SERVICES RELATED TO EVALUATION OF,  PREPARA-
 TION  FOR, OR EXECUTION OF DISSOLUTION AND/OR RECONSTITUTION PURSUANT TO
 SECTION THIRTY-FIVE OF THIS ARTICLE, INCLUDING BUT NOT LIMITED TO  LEGAL
 SERVICES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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