A1772-2011 Actions

• Jan 4, 2012: referred to housing
• Jan 11, 2011: referred to housing

A1772-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         1772
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 11, 2011
 
 Introduced  by  M.  of A. ROSENTHAL, BING, V. LOPEZ, BENEDETTO, MILLMAN,
 ROBINSON, COOK, KELLNER,  N. RIVERA,  SPANO,  BROOK-KRASNY,  JEFFRIES,
 JAFFEE  --  Multi-Sponsored  by -- M. of A. BOYLAND, BRENNAN, FARRELL,
 GLICK, HEASTIE, MAISEL, MARKEY, PHEFFER, REILLY, TITONE --  read  once
 and referred to the Committee on Housing
 AN  ACT  to amend the private housing finance law, in relation to mutual
 companies in a city with a population of one million or more
 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 a new subdivision 5 to read as follows:

 5.  NOTWITHSTANDING  ANY  INCONSISTENT PROVISION OF THIS ARTICLE OR OF
 ANY OTHER PROVISION OF GENERAL, SPECIAL OR LOCAL LAW, A  MUTUAL  COMPANY
 THAT  OPERATES  A  PROJECT IN A CITY WITH A POPULATION OF ONE MILLION OR
 MORE, MUST, AT LEAST NINETY DAYS BEFORE THE DATE OF ITS  DISSOLUTION  OR
 RECONSTITUTION  PURSUANT  TO  THIS  SECTION, MAKE AN OFFER TO ALL OF ITS
 SHAREHOLDERS TO REPURCHASE THEIR SHARES IN SUCH MUTUAL COMPANY. A SHARE
 HOLDER WHO ELECTS TO SELL HIS OR HER SHARES BACK TO SUCH MUTUAL  COMPANY
 SHALL  BE OFFERED A ONE-YEAR OR A TWO-YEAR LEASE FOR HIS OR HER DWELLING
 UNIT TO COMMENCE UPON THE DATE OF SUCH  DISSOLUTION  OR  RECONSTITUTION,
 AND  SUCH  DWELLING UNIT SHALL BE FULLY SUBJECT TO THE PROVISIONS OF THE
 RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE AND THE  EMERGENCY
 TENANT  PROTECTION ACT OF NINETEEN SEVENTY-FOUR. THE INITIAL LEGAL REGU
 LATED RENT FOR ANY SUCH DWELLING UNIT  FOLLOWING  THE  DISSOLUTION  DATE
 SHALL  BE  THE  LAST  CARRYING CHARGES AUTHORIZED FOR SUCH DWELLING UNIT
 BEFORE THE DISSOLUTION DATE, INCLUDING SURCHARGES, IF ANY, AND SHALL NOT
 BE SUBJECT TO ADJUSTMENT PURSUANT TO SUBDIVISION A OF SECTION 26-513  OF
 THE  ADMINISTRATIVE CODE OF THE CITY OF NEW YORK. ANY SUCH DWELLING UNIT
 WHICH IS SUBJECT TO RENT REGULATION SOLELY BY VIRTUE OF THIS SUBDIVISION
 SHALL BE DECONTROLLED UPON THE FIRST VACANCY THEREOF.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01774-01-1

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