Bill Title: Provides that a non-eviction plan submitted for conversion of dwelling units to cooperative or condominium ownership shall not be declared effective until at least 25% of the tenants shall have executed and delivered written agreement to purchase under such plan; requires a sponsor of a conversion to cooperative or condominium ownership to provide a reserve fund of at least 5% of the total offering price to be used exclusively for capital repairs, replacements or improvements; requires building to be certified in writing by municipality that such building is free of building or housing code violations prior to approval or acceptance for filing of plan; defines "vacancies" to mean dwelling units not occupied on a date that is 110 days after the date the offering was first submitted to the attorney general; defines "excessive" to mean a vacancy rate in excess of 5% of the total number of dwelling units in the building; makes other related changes; requires that the board of directors or board of managers of a converted cooperative or condominium shall be comprised of a majority of members elected by shareholders or owners in occupancy; requires purchasers of occupied units to sign affidavit of rent regulatory compliance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-18 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S02091 Detail]

Text: Latest bill text (Introduced) [HTML]

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