Bill > A01857

This bill requires a Mitchell-Lama cooperative seeking to dissolve to offer cooperators who may not be able to afford the increased carrying charges the opportunity to sell. Specifically, the bill requires the mutual company operating the Mitchell-Lama project in a city with a population of one million or more to offer all shareholders the opportunity to sell their shares back to the company at least 90 days before the date of dissolution or reconstitution. Shareholders who elect to sell their shares will be offered a one-year or two-year lease for their dwelling unit, which will be subject to rent stabilization laws and regulations, with the initial rent set at the last authorized carrying charges before dissolution.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/A1857