Bill Text: NY A09720 | 2019-2020 | General Assembly | Amended
Bill Title: Directs the department of housing preservation and development of the city of New York to promulgate rules and regulations regarding mutual housing companies considering dissolution and/or reconstitution.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-02-20 - print number 9720a [A09720 Detail]
Download: New_York-2019-A09720-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 9720--A IN ASSEMBLY February 6, 2020 ___________ Introduced by M. of A. L. ROSENTHAL, PHEFFER AMATO -- read once and referred to the Committee on Housing -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the private housing finance law, in relation to direct- ing the department of housing preservation and development of the city of New York to promulgate rules and regulations regarding mutual hous- ing companies considering dissolution and/or reconstitution The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The private housing finance law is amended by adding a new 2 section 35-a to read as follows: 3 § 35-a. Rules and regulations regarding dissolution. The commissioner 4 or supervising agency shall promulgate rules and regulations regarding 5 mutual housing companies considering dissolution and/or reconstitution 6 pursuant to section thirty-five of this article. Such rules and regu- 7 lations shall at a minimum include: 8 1. A requirement that any vote for dissolution of the company, or for 9 authorization of a feasibility study, a preliminary offering plan which 10 may be referred to as a red herring, a final offering plan which may be 11 referred to as a black book, a proxy statement, or to send a notice of 12 intent to dissolve to the commissioner or supervising agency shall 13 require the approval of eighty percent of all dwelling units, both occu- 14 pied and unoccupied, owned by the mutual housing company. 15 2. A requirement that no funds from the operating budget of the mutual 16 housing company shall be used for the preparation or distribution of a 17 feasibility study, a preliminary offering plan or red herring, a final 18 offering plan or black book, a proxy statement, or a notice of intent to 19 dissolve; or to pay for any services related to evaluation of, prepara- 20 tion for, or execution of dissolution and/or reconstitution pursuant to 21 section thirty-five of this article, including but not limited to legal 22 services. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14536-03-0A. 9720--A 2 1 3. No vote under subdivision one of this section, shall occur within 2 five years following a vote under subdivision one of this section that 3 failed. 4 § 2. This act shall take effect immediately and shall be applicable to 5 all votes and activities pursuant to section 35-a of the private housing 6 finance law that take place on or after such date on which it shall have 7 become a law.
