What's happening
This bill creates a five-year moratorium on the dissolution of urban rental Mitchell-Lama companies and requires a comprehensive study of the Mitchell-Lama housing program.
Why it matters
Protects current Mitchell-Lama tenants from displacement. By pausing the dissolution of urban rental Mitchell-Lama companies for five years, this bill temporarily halts the process that could turn affordable housing units into market-rate rentals, helping prevent sudden changes in rent and tenant stability.
Mandates in-depth review of affordable housing policies. The required study will analyze not just preservation, but also potential reforms and expansion of the Mitchell-Lama program, which could shape the direction of New York’s affordable housing strategy for years to come.
Could lead to changes in eligibility and developer incentives. The study will specifically look at income criteria for residents and explore tax/financing models to encourage developer participation, raising the possibility of broader access and new incentives for building or maintaining affordable housing.
Seeks data-driven policy solutions. By directing state agencies to collaborate and pool resources, the bill aims to ensure future housing policy is informed by comprehensive data and input from multiple levels of government, potentially leading to more effective and targeted legislative actions.
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Who cares
Headline styles
Pause Mitchell-Lama Dissolutions Now
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to housing
- Referred to housing
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1574
2025-2026 Regular Sessions
IN ASSEMBLY
January 10, 2025
Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to initiating a five-year moratorium on the dissolution of any urban rental Mitchell-Lama company, and in relation to establishing the implementation of a Mitchell-Lama housing program study; and providing for the repeal of certain provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The private housing finance law is amended by adding a new section 35-b to read as follows:
§ 35-b. Moratorium on voluntary dissolution. Notwithstanding any other provision of law, any urban rental company created pursuant to this article and otherwise eligible to voluntarily dissolve pursuant to section thirty-five of this article shall be prohibited from such dissolution.
§ 2. 1. Mitchell-Lama housing program study. New York State Homes and Community Renewal, in consultation with the New York City Department of Housing Preservation, shall execute a study on the preservation, sustainability, reform, and growth of the Mitchell-Lama housing program, including, but not limited to:
a. recommendations for the expansion of the Mitchell-Lama housing program to address the affordable housing needs of New York's growing population;
b. taxation and financing models to encourage housing developers to participate in the Mitchell-Lama housing program;
c. adjusting the amount of time a company must remain in the Mitchell-Lama housing program before it may voluntarily dissolve;
d. an analysis of current family income criteria used to determine access to low- and middle-income housing;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04664-01-5
e. a determination of geographic areas of the state to best locate potential Mitchell-Lama housing;
f. policy initiative responsive to the present and future needs of the Mitchell-Lama housing program and of Mitchell-Lama developments owned by urban rental or mutual companies;
g. the feasibility of methods to preserve and expand the inventory of Mitchell-Lama housing relative to and within New York's other low- and middle-income housing programs.
2. Preliminary and final study report. New York State Homes and Community Renewal shall submit to the governor, the speaker and the minority leader of the assembly, and the temporary president and the minority leader of the senate a preliminary report with findings concerning the Mitchell-Lama housing program within two years of the effective date of this section. Four years after the effective date of this section, New York State Homes and Community Renewal shall submit to the governor, the speaker and minority leader of the assembly, and the temporary president and minority leader of the senate a final report with recommendations respecting the Mitchell-Lama housing program study.
3. Assistance. To the maximum extent possible, New York State Homes and Community Renewal shall be entitled to request and receive, and shall utilize and be provided with such facilities, resources, and data from any state court, department, division, board, bureau, commission, agency, or political subdivision that they may reasonably request to properly execute their responsibilities pursuant to this act.
§ 3. This act shall take effect immediately, provided, however, that the provisions of section one of this act shall expire and be deemed repealed five years after this act shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.