New York A 6061: Prohibits mortgagee from refusing to accept partial mortgage payments

Bill Text

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A06061 Summary:

BILL NOA06061 

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SAME ASNo Same As

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SPONSORHunter

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COSPNSRJackson, Glick, Simon

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MLTSPNSR

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Add Art 11 §§360 - 364, RP L

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Prohibits corporate entity, real estate developer, or residential building contractor from directly or indirectly purchasing, owning, building, acquiring, or otherwise obtaining any interest in any single-family private dwelling and converting such property into residential real estate containing one rental unit.

Go to top A06061 Actions:

BILL NOA06061 

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02/26/2025referred to housing

01/07/2026referred to housing

Go to topA06061 Committee&nbspVotes:

Go to topA06061 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06061 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6061

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 26, 2025
 ___________

 Introduced by M. of A. HUNTER, JACKSON, GLICK, SIMON -- read once and
 referred to the Committee on Housing

 AN ACT to amend the real property law, in relation to prohibiting corpo-
 rate entities, developers, and contractors from converting single-fa-
 mily homes into a rental property unit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The real property law is amended by adding a new article 11
 2 to read as follows:
 3 ARTICLE 11
 4 RENTAL OF SINGLE-FAMILY PRIVATE DWELLINGS
 5 Section 360. Legislative findings.
 6 361. Definitions.
 7 362. Single-family private dwelling rental restricted.
 8 363. Enforcement.
 9 364. Rules and regulations.
 10 § 360. Legislative findings. The legislature finds that it is in the
 11 interests of the state to encourage and protect home ownership and the
 12 single-family home as a basic housing option, to allow families
 13 increased access to housing through homeownership, for families to build
 14 equity and wealth through their housing, and to enhance and promote the
 15 stability and well-being of families and society in New York.
 16 § 361. Definitions. As used in this article, the following terms shall
 17 have the following meanings:
 18 1. "Affordable housing" means at least two-thirds of an entity's
 19 rental units are rented to an individual or family with an annual income
 20 of up to fifty percent of the area median income as determined by the
 21 United States department of housing and urban development, adjusted for
 22 family size, that is paying no more than thirty percent of annual income
 23 on rent.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09826-01-5

 A. 6061 2

 1 2. "Commissioner" shall mean the commissioner of housing and community
 2 renewal.
 3 3. "Corporate entity" means any partnership, corporation, limited
 4 liability company, pension or investment fund, or trust but does not
 5 include a nonprofit corporation, a family trust, or a family limited
 6 liability company.
 7 4. "Family limited liability company" means a limited liability compa-
 8 ny meeting the following standards:
 9 (a) it has no more than five members;
 10 (b) all its members are natural persons or family trusts;
 11 (c) all of its members who are natural persons or spouses of natural
 12 persons are related to each other within the third degree of kindred
 13 according to the rules of civil law; and
 14 (d) its revenue from rent or any other means is paid directly from one
 15 member to another.
 16 5."Family trust" means:
 17 (a) a trust in which:
 18 (i) a majority of the current beneficiaries are persons or spouses of
 19 persons who are related to each other within the third degree of kindred
 20 according to the rules of civil law;
 21 (ii) all of the current beneficiaries are natural persons or nonprofit
 22 corporations or trusts described in Internal Revenue Code, section
 23 170(c), as amended; and
 24 (iii) one of the current beneficiaries or a person related to a
 25 current beneficiary within the third degree of kindred according to the
 26 rules of civil law is residing at the property subject to the trust; or
 27 (b) a charitable remainder trust as defined in Internal Revenue Code,
 28 section 664, as amended, or a charitable lead trust as set fort