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A03729 Summary:

BILL NOA03729
 
SAME ASNo Same As
 
SPONSORWright
 
COSPNSRLinares
 
MLTSPNSR
 
Amd S35, Priv Hous Fin L
 
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.
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