Bill > A00802

This bill amends the Private Housing Finance Law to establish a four-year moratorium on voluntary dissolution voting for Mitchell-Lama housing companies after a failed dissolution vote. Mitchell-Lama is a New York State housing program that provides affordable housing to middle-income residents. Specifically, the bill prevents a Mitchell-Lama housing company from holding another voluntary dissolution vote for four years following a previous unsuccessful vote. The legislation also allows local governments (cities, towns, and villages) to enact their own laws or regulations that are at least as restrictive as this provision, and explicitly states that this new rule does not override or diminish any other existing legal requirements related to such actions. The bill will go into effect 90 days after it becomes law, providing a cooling-off period for housing shareholders and potentially preventing repeated attempts to dissolve Mitchell-Lama housing companies in rapid succession.