Bill > A00490

This bill amends the Private Housing Finance Law to allow the voluntary dissolution of a mutual company (a type of housing company) aided by a loan made after May 1, 1959, but only after its municipal tax exemption and any extension thereof have expired. Previously, such a mutual company could not voluntarily dissolve without the consent of the commissioner or supervising agency, regardless of when the loan was made. The bill aims to provide more flexibility for the voluntary dissolution of these types of mutual housing companies once their tax benefits have ended.