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Bill > S01917
NY S01917
NY S01917Provides for a transfer fee of 75% of the fair market value in dissolution or sales of a rental project or mutual company.
summary
Introduced
01/17/2019
01/17/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the private housing finance law, in relation to windfall profits on the dissolution or first sale of rental companies and the dissolution and/or reconstitution of mutual companies The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill amends the Private Housing Finance Law to impose a 75% transfer fee on the fair market value in the case of the dissolution or first sale of a rental project, or the first sale of a mutual company. The proceeds from these transfer fees will be used to subsidize the continued development of affordable housing, including by purchasing land and leasing it to tenants, providing repair loans, and supporting other limited-profit housing companies.
Committee Categories
Housing and Urban Affairs
Sponsors (7)
Liz Krueger (D)*,
Jamaal Bailey (D),
Brad Hoylman (D),
John Liu (D),
Velmanette Montgomery (D),
Jose Serrano (D),
Toby Stavisky (D),
Last Action
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT (on 01/08/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=S01917&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 01/18/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01917&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01917 | 01/18/2019 |
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