Bill > S00493

This bill amends the Private Housing Finance Law to require a transfer fee of 75% of the fair market value in the dissolution or first sale of a rental project or mutual company. The proceeds from the transfer fees will be used to subsidize the development for as long as the purchaser remains in the Mitchell-Lama program, to purchase the land and lease it to the tenants to convert the project to a limited profit mutual company, to provide zero-interest repair loans for necessary capital improvements, to forgive a portion of the repair loan principal each year the company remains a limited profit company, to subsidize other limited profit housing companies, and to develop other affordable housing.