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) 2010-01-06 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
[S01013 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
Introduced | 2010-07-28 | HTML/Text | Link | View |
Amendments
Amendment | Date | Disposition | Format | Source | View |
No bill amendments currently on file for New York S01013 |
Supplemental Documents
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No supplemental documents for New York S01013 currently on file. |
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