Bill Text: NY A02456 | 2011-2012 | General Assembly | Introduced

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Bill Title: Extends from 20 to 50 years the time before which certain limited-profit housing companies may not voluntarily dissolve without consent of the commissioner or of the supervising agency.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Introduced - Dead) 2012-01-04 - referred to housing [A02456 Detail]

Download: New_York-2011-A02456-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2456
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 18, 2011
                                      ___________
       Introduced  by  M. of A. V. LOPEZ, BROOK-KRASNY, WRIGHT, SPANO, ROBINSON
         -- Multi-Sponsored by -- M. of A. GLICK, GOTTFRIED, MILLMAN, ROSENTHAL
         -- read once and referred to the Committee on Housing
       AN ACT to amend the private housing finance law, in relation  to  volun-
         tary dissolution of limited-profit housing 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 company aided by a loan made after May  first,  nineteen  hundred
    5  fifty-nine,  may  voluntarily  be  dissolved, without the consent of the
    6  commissioner or of the supervising agency, as the case may be, not  less
    7  than  [twenty]  FIFTY years after the occupancy date upon the payment in
    8  full of the remaining balance of principal and interest due  and  unpaid
    9  upon  the  mortgage or mortgages and of any and all expenses incurred in
   10  effecting such voluntary dissolution.
   11    S 2. This act shall take effect immediately; provided,  however,  that
   12  the provisions of this act shall not apply to any mutual housing company
   13  which,  prior  to  the  date  that this act becomes law, has secured the
   14  approval of its shareholders by a vote which complies with all  applica-
   15  ble  state and local laws, rules and regulations to submit to the office
   16  of the Attorney General of the State of New York a  private  cooperative
   17  offering plan for the housing project.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04992-01-1