Bill > A02058

This bill amends the Private Housing Finance Law to allow for the voluntary dissolution of a mutual company (a type of housing organization) that received a loan after May 1, 1959, but only after its municipal tax exemption and any extensions thereof have expired. Previously, mutual companies were not permitted to voluntarily dissolve without the consent of the Commissioner or supervising agency, regardless of when the loan was made. This change provides more flexibility for mutual companies to dissolve voluntarily once their tax exemption period has ended.