Assembly Bill A583

2023-2024 Legislative Session

Relates to mutual companies in N.Y. city

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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2023-A583 (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:
2009-2010: A858, A9977
2011-2012: A1772
2013-2014: A248
2015-2016: A971
2017-2018: A5195
2019-2020: A734
2021-2022: A1857

2023-A583 (ACTIVE) - Summary

Requires a Mitchell-Lama cooperative seeking to dissolve to offer cooperators who may not be able to afford the increased carrying charges the opportunity to sell.

2023-A583 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    583
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2023
                                ___________
 
 Introduced  by M. of A. L. ROSENTHAL, BENEDETTO, COOK -- Multi-Sponsored
   by -- M. of A.  GLICK -- 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.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00872-01-3

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