Bill > A04507

This bill enacts the "Fairness in Cooperative Homeownership Act," which aims to regulate and improve the transparency of the cooperative apartment purchase process. The bill requires cooperative corporations to maintain a standardized application and list of requirements for apartment sales, and provides specific timelines and procedures for handling purchase applications. Key provisions include mandating that cooperative corporations acknowledge receipt of an application within 10 business days, detailing exactly how the application meets or fails to meet requirements, and establishing a 45-day window for the cooperative board to make a determination on a sale. If the board does not act within this timeframe, they can request one 14-day extension, and if still no action is taken, the sale is deemed approved. The bill also accounts for seasonal variations by allowing boards that do not meet in July and August to have up to 60 calendar days to process applications received during that period. The legislation is designed to provide more clarity and predictability for prospective buyers and sellers of cooperative apartments, while preserving the board's right to deny a sale with proper notice. The act will take effect 120 days after becoming law and will apply to applications submitted on or after that date.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A4507