Bill > A00932

This bill amends the Private Housing Finance Law to impose a 75% transfer fee on the fair market value in the dissolution or first sale of a rental project, or on the sales price of each first sale thereafter by a selling shareholder of a mutual company. The proceeds of these transfer fees will be used to continue subsidizing the development while it remains in the Mitchell-Lama program, purchase the land and lease it to the tenants to convert the project to a limited profit mutual company, provide zero-interest repair loans for capital improvements, forgive a portion of the repair loan principal each year the company remains a limited profit company, subsidize other limited profit housing companies, and develop additional affordable housing.