Bill > S02098

This bill requires the board of directors of both for-profit and not-for-profit residential cooperative housing corporations to provide written notification to applicants who have been denied the opportunity to purchase shares in the corporation, explaining the specific reason or reasons for the denial. The notification must be sent within thirty days of the board's decision to reject the applicant's request to purchase shares associated with a particular dwelling unit. This legislation aims to increase transparency in the cooperative housing application process by mandating that boards provide clear explanations for their decisions, which could help applicants understand why they were not approved and potentially address any concerns or misunderstandings. The bill amends both the business corporation law and the not-for-profit corporation law to create uniform requirements for residential cooperative housing corporations, ensuring that applicants receive a written explanation for their rejection regardless of the type of corporation.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S2098