New York A 5966: Relates to requiring notification by mortgagees commencing foreclosure actions to aid in the identification and improvements of at-risk properties

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A05966 Summary:

BILL NOA05966 

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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 §§27-2109.1 & 27-2130, NYC Ad Cd

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Relates to requiring written notification by mortgagees commencing foreclosure actions on a multiple dwelling with ten or more units to the department of housing preservation and development to aid in the identification and improvements of at-risk properties.

Go to top A05966 Actions:

BILL NOA05966 

&nbsp

02/25/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA05966 Committee&nbspVotes:

Go to topA05966 Floor&nbspVotes:

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

Go to topA05966 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5966

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 25, 2025
 ___________

 Introduced by M. of A. ROSENTHAL -- read once and referred to the
 Committee on Judiciary

 AN ACT to amend the administrative code of the city of New York, in
 relation to requiring notification by mortgagees commencing foreclo-
 sure actions to aid in the identification and improvements of at-risk
 properties

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

 1 Section 1. Section 27-2109.1 of the administrative code of the city of
 2 New York is amended by adding a new subdivision d to read as follows:
 3 d. 1. Any mortgagee that commences an action in a court of competent
 4 jurisdiction in the state of New York to foreclose a mortgage on a
 5 multiple dwelling with ten or more units shall provide written notice to
 6 the department within fifteen days of service of the pleadings commenc-
 7 ing such action. If such action was commenced before the effective date
 8 of the local law that added this section, and remains pending as of such
 9 effective date, notification shall be provided within thirty days of
 10 such effective date. For purposes of this subdivision department shall
 11 mean the department of housing preservation and development.
 12 2. Such notice shall include, but is not limited to, the following
 13 information: (i) the name of the mortgagee plaintiff commencing such
 14 action and the mailing address, telephone number and e-mail address of
 15 such mortgagee plaintiff, and, when applicable, the name of a principal
 16 or corporate officer of such mortgagee plaintiff, and the mailing
 17 address, telephone number and e-mail address of such principal or corpo-
 18 rate officer; (ii) the name, mailing address, telephone number and
 19 e-mail address of the defendant in such action; (iii) the identification
 20 of such residential real property by street address and block and lot
 21 number; (iv) the date of the commencement of such action; (v) the court
 22 in which such action was commenced and the index number of such action;
 23 (vi) the property's appraised fair market value; (vii) the amount of the
 24 principal balance owed under the mortgage being foreclosed, including
 25 interest and principal arrears, late fees and any other sums due and
 26 owing as of the date of filing of the complaint; (viii) the interest

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02926-01-5

 A. 5966 2

 1 rate and maturity date of the mortgage being foreclosed, including the
 2 amount, if any, necessary to bring the loan current as of the date of
 3 filing of the complaint; (ix) a list, including amounts, of any other
 4 indebtedness on the residential real property that is the subject of the
 5 foreclosure action as set forth in the pleadings; (x) whether there is
 6 any government investment in the property; (xi) whether there are any
 7 outstanding municipal arrears; (xii) whether such property has a certif-
 8 icate of occupancy; (xiii) any code violations that the property
 9 currently has; and (xiv) such other information as the department may
 10 require by rule.
 11 3. The department shall then make a determination of whether such
 12 property being foreclosed on is an "at-risk" property. In making its
 13 determination the department shall consider subparagraphs (vi) through
 14 (xiii) of paragraph two of this subdivision, and any other information
 15 the depar