Bill > A01715

This bill amends the Private Housing Finance Law to introduce a significant transfer fee of 75% of the fair market value when rental projects or mutual companies are dissolved or sold. Specifically, for companies that received loans after May 1, 1959, and have been in operation for at least 20 years, any voluntary dissolution or sale will now require payment of this substantial transfer fee. The proceeds from this fee will be held by the New York City Housing Development Corporation and the New York State Housing Finance Agency and allocated for multiple purposes, including: continuing to subsidize developments within the Mitchell-Lama affordable housing program, purchasing and leasing land to tenants, providing zero-percent interest repair loans, forgiving portions of repair loan principals, subsidizing other limited profit housing companies, and developing additional affordable housing. The bill aims to preserve affordable housing stock and ensure that financial benefits from sales or dissolutions are reinvested in housing assistance programs. The changes will take effect 60 days after the bill becomes law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1715