Bill > A01839

This bill modifies regulations for limited-profit housing companies in New York City by introducing two key provisions: First, it allows certain housing companies operating municipally-aided projects in cities with populations over one million (effectively New York City) to pay dividends or interest exceeding the traditional 6% limit, with approval from a supervising agency. Additionally, this approval enables the company to annually increase rental rates according to the rent guidelines board's recommendations without requiring further public hearings. Second, the bill establishes detailed rules for the dissolution of certain rental housing companies, specifically focusing on housing developments completed or substantially rehabilitated after 1974. It defines various categories of dwelling units (such as voucher units, market units, and vacated units) and specifies how these units will be regulated after the dissolution of a housing company. The bill ensures that most units will remain subject to rent stabilization laws, with specific provisions for units receiving federal housing assistance, and clarifies the tax status of different types of units. The changes aim to provide more financial flexibility for housing companies while maintaining tenant protections in New York City.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1839