Bill > A01836

This bill amends the Private Housing Finance Law to impose a 75% transfer fee on the fair market value or sales price of a rental project or mutual company upon dissolution or the first sale. The proceeds from the transfer fee will be used to continue subsidizing the development, purchase the land and lease it to 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 other affordable housing.