New York A 1553: Permits municipalities the local option of providing a tax exemption to National Guard members and reservists

Bill Text

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A01553 Summary:

BILL NOA01553 

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SAME ASNo Same As

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SPONSORRosenthal

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COSPNSR

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MLTSPNSR

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Amd §35, Priv Hous Fin L

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Requires companies aided by loans under Mitchell-Lama to notify tenants of such housing of the possibility of buyout from mortgages held which would potentially result in rent increases not later than twelve months prior to proposed dissolution; provides such notice shall inform tenants of the nature of the action, the date intended, the applicable laws and a summary of the potential consequences including expenses and rent increases which may be charged; requires the commissioner or supervising agency to prepare a report to be made available to the tenants of the project.

Go to top A01553 Actions:

BILL NOA01553 

&nbsp

01/10/2025referred to housing

01/07/2026referred to housing

Go to topA01553 Committee&nbspVotes:

Go to topA01553 Floor&nbspVotes:

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

Go to topA01553 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1553

 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 notifi-
 cation of tenants of pending "buy out" from mortgages by Mitchell-Lama
 building owners

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

 1 Section 1. Section 35 of the private housing finance law is amended by
 2 adding three new subdivisions 5, 6 and 7 to read as follows:
 3 5. (a) Any company which intends to dissolve or otherwise take any
 4 action which would cause the company to no longer be subject to super-
 5 vision of the commissioner or the supervising agency shall provide to
 6 every person that currently has a lease for housing in the project of
 7 such company, notice not less than twelve months prior to the antic-
 8 ipated date of such action containing the following information in plain
 9 language:
 10 (i) the nature of the action which the company intends to take;
 11 (ii) the date on which such action is anticipated to take place;
 12 (iii) the provisions of law or regulation pursuant to which such
 13 action is authorized; and
 14 (iv) a summary of the potential consequences of such action, includ-
 15 ing, but not limited to, its effect on the following:
 16 (1) ownership of the project;
 17 (2) supervision of the project;
 18 (3) expenses of the project, which shall include but not be limited to
 19 taxes and other municipal charges;
 20 (4) rents; and
 21 (5) any governmental approvals or authorization, if any, necessary for
 22 such action to occur, including information setting forth the govern-
 23 mental body that would need to issue such approval or authorization and
 24 the dates by which such approval or authorization would be required.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04464-01-5

 A. 1553 2

 1 (b) Any city, town or village may enact local laws, ordinances, resol-
 2 utions or regulations provided that such enactments are more stringent
 3 or restrictive than those provided in this subdivision.
 4 (c) The provisions of this subdivision shall not diminish the require-
 5 ments of any other law which may apply to such action.
 6 6. Within three months of receipt of a notice of intent to buy out as
 7 provided in subdivision five of this section, the commissioner or super-
 8 vising agency shall prepare and make available to all tenants of the
 9 project and to their designated representative a report which provides
 10 the following information relating to the tenants of the project. The
 11 information shall be presented in an easily understandable summary
 12 format and shall be broken down according to household probable aggre-
 13 gate annual income in five thousand dollar intervals (e.g. $0 - $4,999:
 14 $5,000 - $9,999: etc.) and shall include:
 15 (a) The total number of dwellings and tenants in each income range;
 16 (b) The number of dwellings in each income range occupied by a tenant
 17 or tenants who are sixty-two years of age or older and the number of
 18 such tenant