Bill
Bill > A00592
NY A00592
NY A00592Provides for a transfer fee of 75% of the fair market value in dissolution or sales of a rental project or mutual company.
summary
Introduced
01/09/2023
01/09/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the private housing finance law, in relation to windfall profits on the dissolution or first sale of rental companies and the dissolution and/or reconstitution of mutual companies
AI Summary
This bill amends the Private Housing Finance Law to impose a 75% transfer fee on the fair market value of rental projects or mutual companies upon their dissolution or first sale. The proceeds from the transfer fee will be used to continue subsidizing the development, convert projects to limited profit mutual companies, provide repair loans, forgive loan principal, subsidize other limited profit housing companies, and develop additional affordable housing.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
referred to housing (on 01/03/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Housing and Community Development for Low and Middle Income Persons
- ‐ Housing and Real Estate Finance
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A592 | 01/09/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A00592&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00592 | 01/09/2023 |
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