Bill > A07090

This bill requires the boards of directors of residential cooperative housing corporations (co-ops) incorporated under either the business corporation law or the not-for-profit corporation law to provide written notification to applicants who have been denied the right to purchase shares in a specific dwelling unit. The notification must include the specific reason or reasons for the denial and must be provided within thirty days of the board's decision to reject the applicant's request. Currently, co-op boards can deny applicants without providing an explanation, which this bill aims to change by mandating transparency in the decision-making process. By requiring written justification, the bill seeks to provide potential buyers with clarity about why their application to purchase shares in a cooperative housing corporation has been rejected, potentially reducing uncertainty and creating more accountability in the co-op application process.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7090