Bill > S00135

This bill amends the Private Housing Finance Law to require a 75% transfer fee on the fair market value when a rental project or mutual company is dissolved or sold for the first time. The proceeds from these transfer fees will be used to continue subsidizing the development under the Mitchell-Lama program, 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 loan principal each year the company remains a limited profit company, subsidize other limited profit housing companies, and develop other affordable housing.