A00802 Summary:
| BILL NO | A00802 |
| SAME AS | No Same As |
| SPONSOR | Rosenthal |
| COSPNSR | |
| MLTSPNSR | |
| Amd §35, Priv Hous Fin L | |
| Initiates a four year moratorium on privatization voting by Mitchell-Lama building shareholders between failed dissolution votes. | |
A00802 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 802 2025-2026 Regular Sessions IN ASSEMBLY (Prefiled) January 8, 2025 ___________ Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Housing 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. LBD02530-01-5