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History
- Referred to housing, construction and community development
Full text
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Sponsor's memo
BILL NUMBER:S2674
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.