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History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to establishing a moratorium on voluntary dissolution of limited-profit housing companies
Purpose
This bill establishes a moratorium on voluntary dissolution of limited profit housing companies.
Summary of provisions
Section 1 amends subdivision 2 of section 35 of the private housing finance law, as amended by chapter 229 of the laws of 1989. A company aided by a loan made after May 1, 1959 may not voluntarily dissolve without the consent of the commissioner prior to June 30, 2006.
Section 2 enacts this bill immediately.
Justification
The intent of the Mitchell-Lama legislation was to provide decent, affordable housing to persons of moderate income. Several companies are now becoming eligible to payoff their mortgage and voluntarily dissolve the company. A moratorium on "buy-outs" would further the objective of the original law, thereby fostering neighborhood stability.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.