New York S 107: Relates to the right of tenant association to have the first option to purchase a housing unit

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S00107 Summary:

BILL NOS00107 

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SAME ASSAME AS A03100

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SPONSORKRUEGER

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COSPNSRBAILEY, HOYLMAN-SIGAL, JACKSON, LIU, SERRANO, STAVISKY

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MLTSPNSR

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Add Art 2-A §§38 - 38-l, Priv Hous Fin L

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Relates to the right of tenant association to have the first option to purchase a housing unit.

Go to top S00107 Actions:

BILL NOS00107 

&nbsp

01/08/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS00107 Committee&nbspVotes:

Go to topS00107 Floor&nbspVotes:

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

Go to topS00107 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 107

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. KRUEGER, BAILEY, HOYLMAN-SIGAL, JACKSON, LIU, SERRA-
 NO, STAVISKY -- read twice and ordered printed, and when printed to be
 committed to the Committee on Housing, Construction and Community
 Development

 AN ACT to amend the private housing finance law, in relation to right of
 first refusal

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

 1 Section 1. The private housing finance law is amended by adding a new
 2 article 2-A to read as follows:
 3 ARTICLE II-A
 4 RIGHT OF FIRST REFUSAL
 5 Section 38. Definitions.
 6 38-a. Notification of impending conversion.
 7 38-b. Notification of bona fide offer to purchase.
 8 38-c. Appraisal determination.
 9 38-d. Right of first refusal.
 10 38-e. First opportunity to purchase.
 11 38-f. Prior notification.
 12 38-g. Long term affordability.
 13 38-h. Right of transfer.
 14 38-i. Conversion of property.
 15 38-j. Penalty.
 16 38-k. Exclusions.
 17 38-l. Judicial review.
 18 § 38. Definitions. For the purposes of this article, the following
 19 definitions shall apply:
 20 1. "Affordable" shall mean that rental expenses for dwelling units do
 21 not exceed thirty percent of the annual gross household income of the
 22 existing tenants, and/or where rental expenses do not exceed the rent

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00691-01-5

 S. 107 2

 1 levels allowable pursuant to the rent restrictions applicable to such
 2 dwelling units prior to conversion, provided however that dwelling units
 3 which become vacant in assisted rental housing should not be rented to
 4 households whose income exceeds eighty percent of the New York metropol-
 5 itan area median income as determined by the United States department of
 6 housing and urban development.
 7 2. "Appraised value" shall mean the value as determined by a majority
 8 vote of an advisory panel of three appraisers who shall perform such
 9 appraisal in accordance with the American Arbitration Association's
 10 rules for the real estate industry.
 11 3. "Assisted rental housing" shall mean a privately-owned multiple
 12 dwelling or group of multiple dwelling units managed together under the
 13 same ownership in which the majority of dwelling units therein are
 14 subject to federal, state or city income eligibility restrictions and in
 15 which rents for such dwelling units are controlled, regulated or
 16 assisted by a federal, state or city agency pursuant to a regulatory
 17 agreement or rental assistance agreement designed to make such dwelling
 18 units affordable on a project-based basis. Assisted rental housing
 19 programs shall include:
 20 (a) any program created, administered, or supervised by a municipality
 21 or state under article two or article four of this chapter.
 22 (b) any program providing project-based assistance under section eight
 23 of the United States housing act of 1937, as it may be amended from time
 24 to time; and
 25 (c) housing programs governed by section 202, 207, 221, 232, 236, or
 26 811 of the national housing act, (12 U.S.C. 1701 et seq.), as they may
 27 be amended from time to time.
 28 4. "Bona fide purchaser" shall mean a person or entity that has
 29 tendered a bona fide offer to purchase the assisted rental housing.
 30 5. "Bona fide offer to purchase" shall mean a good faith and without
 31 fraud offer, made in writing and