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Bill > A04955
NY A04955
NY A04955Sets up rules and regulations for the operation of lease-hold retirement communities to provide adequate housing for senior citizens wishing to retire and locate in a lease-hold retirement community; grants owners of homes in lease-hold retirement communities the right to sell their homes by methods common to sales of residential property; requires that owners of lease-hold retirement communities offer owners of homes the option to sign a long-term ninety-nine year lease.
summary
Introduced
02/27/2023
02/27/2023
In Committee
03/11/2024
03/11/2024
Crossed Over
03/11/2024
03/11/2024
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the real property law, in relation to lease-hold retirement communities
AI Summary
This bill sets up rules and regulations for the operation of lease-hold retirement communities to provide adequate housing for senior citizens. It grants owners of homes in these communities the right to sell their homes using common residential property sales methods. The bill also requires lease-hold retirement community owners to offer owners of homes the option to sign a long-term 99-year lease. It regulates the fees and charges that can be imposed by the community owners, prohibits certain restrictions, and establishes protections against retaliation and for the warranty of habitability. The bill applies the same rent increase provisions as manufactured home parks to homes in lease-hold retirement communities.
Committee Categories
Housing and Urban Affairs, Justice
Sponsors (3)
Last Action
REFERRED TO JUDICIARY (on 03/11/2024)
Official Document
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