Bill Text: NY S02674 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes a moratorium on the voluntary dissolution of cooperative limited-profit (Mitchell-Lama) housing companies without the consent of the commissioner of housing or supervising agency until June 30, 2012.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-28 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S02674 Detail]

Download: New_York-2011-S02674-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2674
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 28, 2011
                                      ___________
       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       AN  ACT  to amend the private housing finance law, in relation to estab-
         lishing a moratorium on voluntary dissolution of limited-profit  hous-
         ing companies
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 2 of section 35 of the private housing  finance
    2  law,  as  amended by chapter 229 of the laws of 1989, is amended to read
    3  as follows:
    4     2.  (A) A company aided by a loan  made  after  May  first,  nineteen
    5  hundred fifty-nine, may voluntarily be dissolved, without the consent of
    6  the  commissioner  or of the supervising agency, as the case may be, not
    7  less than twenty years after the occupancy date upon the payment in full
    8  of the remaining balance of principal and interest due and  unpaid  upon
    9  the  mortgage  or  mortgages  and  of  any  and all expenses incurred in
   10  effecting such voluntary dissolution.
   11    (B) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF  THIS  SUBDIVI-
   12  SION,  A  COMPANY AIDED BY A LOAN MADE AFTER MAY FIRST, NINETEEN HUNDRED
   13  FIFTY-NINE, MAY NOT VOLUNTARILY BE DISSOLVED, OR  EXPEND  ANY  FUNDS  IN
   14  FURTHERANCE  OF  THE DISSOLUTION OF SAID COMPANY, WITHOUT THE CONSENT OF
   15  THE COMMISSIONER OR OF THE SUPERVISING AGENCY, AS THE CASE MAY BE, PRIOR
   16  TO JUNE THIRTIETH, TWO THOUSAND TWELVE.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07291-01-1