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Sponsors
History
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the permitted voluntary dissolution of a mutual company
In Assembly Committee · Housing · Sponsor Linda Rosenthal
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6916
Title of bill
An act to amend the private housing finance law, in relation to when the voluntary dissolution of a mutual company shall be permitted
Purpose
To prohibit the dissolution and/or reconstitution of any mutual company, organized under Article II of the PHFL, until after its municipal tax exemption and any grant of an extension thereof shall have expired
Summary of provisions
Section One amends subdivision 2 of section 35 of the private housing finance law
Section Two sets forth the effective date.
Justification
There is currently a severe shortage of affordable housing in New York and this situation is projected to continue well into the future. Along with vacancy decontrol, the privatization of projects organized under the PHFL is contributing to the further loss of affordable, rent-regulated apartments.
Under current provisions of the PHFL, shareholders in mutual companies, i.e., co-ops organized under Article II, can vote to withdraw from the Mitchell-Lama program at the expiration of any restrictive covenants or 20 years, whichever is greater.
Legislative history
New bill.
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.