Assembly Bill A6921B

2023-2024 Legislative Session

Provides for the conversion of condominium ownership for the preservation of expiring affordable housing in the city of New York

download bill text pdf

Sponsored By

Current 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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Bill Amendments

co-Sponsors

multi-Sponsors

2023-A6921 - Details

See Senate Version of this Bill:
S3566
Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L
Versions Introduced in 2021-2022 Legislative Session:
A9340, S8334

2023-A6921 - Summary

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

2023-A6921 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6921
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2023
                                ___________
 
 Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
   tee on Housing
 
 AN ACT to amend the general business law, the real property law and  the
   state  finance  law,  in  relation to providing expanded homeownership
   opportunities from the conversion of certain residential rental build-
   ings to condominium status by property owners that commit to  preserve
   the inventory of expiring affordable housing in the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-eeeee to read as follows:
   § 352-EEEEE. CONVERSIONS TO CONDOMINIUM OWNERSHIP FOR THE PRESERVATION
 OF EXPIRING AFFORDABLE HOUSING IN THE CITY OF NEW YORK.  1. AS  USED  IN
 THIS  SECTION,  THE  FOLLOWING  WORDS AND TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "ANNUAL UPDATE AMENDMENT". AN ANNUAL UPDATE AMENDMENT IS AN AMEND-
 MENT TO THE PRESERVATION PLAN THAT SHALL BE SUBMITTED  TO  THE  ATTORNEY
 GENERAL  EVERY  YEAR THAT A DWELLING UNIT IS UNSOLD, WITH THE FIRST SUCH
 ANNUAL UPDATE AMENDMENT DUE WITHIN FORTY-FIVE DAYS OF THE ANNIVERSARY OF
 THE ACCEPTANCE OF THE POST-CLOSING AMENDMENT TO THE  PRESERVATION  PLAN.
 AN  ANNUAL UPDATE AMENDMENT SHALL SUPPLY THE EVIDENCE, DATA AND INFORMA-
 TION REQUIRED IN THIS SECTION, AND SUCH OTHER INFORMATION AS THE  ATTOR-
 NEY GENERAL'S REGULATIONS SHALL REQUIRE, SO THAT THE ATTORNEY GENERAL IS
 SATISFIED  THAT  THE PRESERVATION PLAN AS AMENDED DISCLOSES THE INFORMA-
 TION NECESSARY FOR A REASONABLE INVESTOR TO MAKE  HIS  OR  HER  PURCHASE
 DECISION  AND  THAT THE PRESERVATION PLAN IS OTHERWISE COMPLETE, CURRENT
 AND ACCURATE.
   (B) "BONA FIDE PURCHASER". A BONA  FIDE  PURCHASER  IS  EITHER  (I)  A
 TENANT  IN OCCUPANCY WHO ENTERS INTO A PURCHASE AGREEMENT FOR A DWELLING
 UNIT PURSUANT TO HIS, HER, OR ITS EXERCISE OF ONE OF THE RIGHTS ACCORDED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08163-01-3
 A. 6921                             2
              

co-Sponsors

multi-Sponsors

2023-A6921A - Details

See Senate Version of this Bill:
S3566
Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L
Versions Introduced in 2021-2022 Legislative Session:
A9340, S8334

2023-A6921A - Summary

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

2023-A6921A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6921--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2023
                                ___________
 
 Introduced  by  M.  of  A. EPSTEIN, SIMONE, GLICK, AUBRY, COLTON, LUCAS,
   DAVILA, REYES -- Multi-Sponsored by -- M. of A. SIMON -- read once and
   referred to the Committee on Housing  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 AN ACT to amend the general business law, the real property law and  the
   state  finance  law,  in  relation to providing expanded homeownership
   opportunities from the conversion of certain residential rental build-
   ings to condominium status by  property  owners  that  commit  to  the
   stewardship  of  permanently  affordable units and the preservation of
   expiring affordable housing inventory in the city  of  New  York;  and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-eeeee to read as follows:
   § 352-EEEEE. CONVERSIONS TO CONDOMINIUM OWNERSHIP FOR THE PRESERVATION
 OF EXPIRING AFFORDABLE HOUSING IN THE CITY OF NEW YORK.  1. AS  USED  IN
 THIS  SECTION,  THE  FOLLOWING  WORDS AND TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "ANNUAL UPDATE AMENDMENT". AN ANNUAL UPDATE AMENDMENT IS AN AMEND-
 MENT TO THE PRESERVATION PLAN THAT SHALL BE SUBMITTED  TO  THE  ATTORNEY
 GENERAL  EVERY  YEAR THAT A DWELLING UNIT IS UNSOLD, WITH THE FIRST SUCH
 ANNUAL UPDATE AMENDMENT DUE WITHIN FORTY-FIVE DAYS OF THE ANNIVERSARY OF
 THE ACCEPTANCE OF THE POST-CLOSING AMENDMENT TO THE  PRESERVATION  PLAN.
 AN  ANNUAL UPDATE AMENDMENT SHALL SUPPLY THE EVIDENCE, DATA AND INFORMA-
 TION REQUIRED IN THIS SECTION, AND SUCH OTHER INFORMATION AS THE  ATTOR-
 NEY GENERAL'S REGULATIONS SHALL REQUIRE, SO THAT THE ATTORNEY GENERAL IS
 SATISFIED  THAT  THE PRESERVATION PLAN AS AMENDED DISCLOSES THE INFORMA-
 TION NECESSARY FOR A REASONABLE INVESTOR TO MAKE  HIS  OR  HER  PURCHASE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08163-05-3
 A. 6921--A                          2
              

co-Sponsors

multi-Sponsors

2023-A6921B (ACTIVE) - Details

See Senate Version of this Bill:
S3566
Current Committee:
Assembly Housing
Law Section:
General Business Law
Laws Affected:
Add §352-eeeee, amd §§352-e & 352-eeee, Gen Bus L; amd §339-e, add §339-mm, RP L
Versions Introduced in 2021-2022 Legislative Session:
A9340, S8334

2023-A6921B (ACTIVE) - Summary

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.

2023-A6921B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6921--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2023
                                ___________
 
 Introduced  by  M.  of  A. EPSTEIN, SIMONE, GLICK, AUBRY, COLTON, LUCAS,
   DAVILA, REYES, CARROLL, LEVENBERG -- Multi-Sponsored by --  M.  of  A.
   SIMON -- read once and referred to the Committee on Housing -- commit-
   tee  discharged, bill amended, ordered reprinted as amended and recom-
   mitted to said committee -- recommitted to the Committee on Housing in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the general business law and the real property  law,  in
   relation  to  providing  expanded homeownership opportunities from the
   conversion of certain  residential  rental  buildings  to  condominium
   status by property owners that commit to the stewardship of permanent-
   ly  affordable units and the preservation of expiring affordable hous-
   ing inventory in the city of New York; and providing for the repeal of
   such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 352-eeeee to read as follows:
   § 352-EEEEE. CONVERSIONS TO CONDOMINIUM OWNERSHIP FOR THE PRESERVATION
 OF  EXPIRING  AFFORDABLE HOUSING IN THE CITY OF NEW YORK.  1. AS USED IN
 THIS SECTION, THE FOLLOWING WORDS AND TERMS  SHALL  HAVE  THE  FOLLOWING
 MEANINGS:
   (A) "ANNUAL UPDATE AMENDMENT". AN ANNUAL UPDATE AMENDMENT IS AN AMEND-
 MENT  TO  THE  PRESERVATION PLAN THAT SHALL BE SUBMITTED TO THE ATTORNEY
 GENERAL EVERY YEAR THAT A DWELLING UNIT IS UNSOLD, WITH THE  FIRST  SUCH
 ANNUAL UPDATE AMENDMENT DUE WITHIN FORTY-FIVE DAYS OF THE ANNIVERSARY OF
 THE  ACCEPTANCE  OF THE POST-CLOSING AMENDMENT TO THE PRESERVATION PLAN.
 AN ANNUAL UPDATE AMENDMENT SHALL SUPPLY THE EVIDENCE, DATA AND  INFORMA-
 TION  REQUIRED IN THIS SECTION, AND SUCH OTHER INFORMATION AS THE ATTOR-
 NEY GENERAL'S REGULATIONS SHALL REQUIRE, SO THAT THE ATTORNEY GENERAL IS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08163-07-4
              

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