Bill > S07437

This bill amends the real property law to set up rules and regulations for the operation of lease-hold retirement communities, which are defined as privately-owned parcels of land with 200 or more leased lots for year-round homes where occupation is restricted by age. The key provisions of the bill include: 1) Requiring lease-hold retirement community owners to offer home owners 99-year leases with an option for 90-day cancellation. 2) Establishing requirements for the promulgation and enforcement of rules and regulations by the community owners. 3) Prohibiting certain restrictive practices by community owners, such as limiting home sales or charging excessive fees. 4) Granting home owners the right to sell their homes using common residential property methods. 5) Providing home owners protections against retaliation by the community owner for certain actions. 6) Applying the bill's provisions to lease-hold retirement communities in the same way as manufactured home parks under existing law.

Justice

https://www.nysenate.gov/legislation/bills/2023/S7437