Bill > A03100

This bill establishes a comprehensive framework for tenant associations and qualified entities to have a first opportunity to purchase assisted rental housing units before they are converted or sold. The legislation creates detailed provisions requiring owners of assisted rental housing to provide extensive notifications to tenants and the Division of Housing and Community Renewal at least 12 months before any potential conversion. When an owner intends to sell or convert a property, tenant associations or qualified entities have the right of first refusal, meaning they can submit an offer to purchase the property at its appraised value. The bill defines key terms like "affordable housing" and establishes a process for determining the property's appraised value through a three-person advisory panel. If a tenant association or qualified entity does not exercise its right to purchase within specified timeframes, that right is waived. The legislation also includes protections for current tenants, such as the right to remain in their units for at least six months after conversion, and imposes significant financial penalties (up to $5,000 per month per unit, not exceeding $100,000 per unit) on owners who do not comply with these requirements. The bill aims to preserve affordable housing and give tenants more control and opportunity in the potential sale or conversion of their residential properties.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A3100