New York A 3100: Relates to voting rights in cooperative apartments

Bill Text

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A03100 Summary:

BILL NOA03100 

&nbsp

SAME ASSAME AS S00107

&nbsp

SPONSORRosenthal

&nbsp

COSPNSRBenedetto

&nbsp

MLTSPNSR

&nbsp

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

&nbsp

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

Go to top A03100 Actions:

BILL NOA03100 

&nbsp

01/23/2025referred to housing

01/07/2026referred to housing

Go to topA03100 Committee&nbspVotes:

Go to topA03100 Floor&nbspVotes:

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

Go to topA03100 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3100

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 23, 2025
 ___________

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

 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
 23 levels allowable pursuant to the rent restrictions applicable to such
 24 dwelling units prior to conversion, provided however that dwelling units
 25 which become vacant in assisted rental housing should not be rented to

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

 A. 3100 2

 1 households whose income exceeds eighty percent of the New York metropol-
 2 itan area median income as determined by the United States department of
 3 housing and urban development.
 4 2. "Appraised value" shall mean the value as determined by a majority
 5 vote of an advisory panel of three appraisers who shall perform such
 6 appraisal in accordance with the American Arbitration Association's
 7 rules for the real estate industry.
 8 3. "Assisted rental housing" shall mean a privately-owned multiple
 9 dwelling or group of multiple dwelling units managed together under the
 10 same ownership in which the majority of dwelling units therein are
 11 subject to federal, state or city income eligibility restrictions and in
 12 which rents for such dwelling units are controlled, regulated or
 13 assisted by a federal, state or city agency pursuant to a regulatory
 14 agreement or rental assistance agreement designed to make such dwelling
 15 units affordable on a project-based basis. Assisted rental housing
 16 programs shall include:
 17 (a) any program created, administered, or supervised by a municipality
 18 or state under article two or article four of this chapter.
 19 (b) any program providing project-based assistance under section eight
 20 of the United States housing act of 1937, as it may be amended from time
 21 to time; and
 22 (c) housing programs governed by section 202, 207, 221, 232, 236, or
 23 811 of the national housing act, (12 U.S.C. 1701 et seq.), as they may
 24 be amended from time to time.
 25 4. "Bona fide purchaser" shall mean a person or entity that has
 26 tendered a bona fide offer to purchase the assisted rental housing.
 27 5. "Bona fide offer to purchase" shall mean a good faith and without
 28 fraud offer, made in writing and approved by the division that is
 29 tendered by a bona fide purchaser no later than one hundred twenty days
 30 after an appraisal performed pursuant to section thirty-eight-c of this
 31 article, and that is non-binding on the owner with intent to convert