STATE OF NEW YORK
________________________________________________________________________
3258
2011-2012 Regular Sessions
IN SENATE
February 15, 2011
___________
Introduced by Sen. ESPAILLAT -- 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 initiat-
ing a four-year moratorium on privatization voting by Mitchell-Lama
building shareholders
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 a new subdivision 5 to read as follows:
3 5. (a) In the event of a failed voluntary dissolution vote by a compa-
4 ny subject to this article, there shall be a four-year moratorium on
5 voluntary dissolution voting by such company.
6 (b) Any city, town or village may enact local laws, ordinances, resol-
7 utions or regulations not less restrictive than those provided in this
8 subdivision.
9 (c) The provisions of this subdivision shall not diminish the require-
10 ments of any other law which may apply to such action.
11 § 2. This act shall take effect on the ninetieth day after it shall
12 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01801-01-1
