Bill Text: NY S02779 | 2015-2016 | General Assembly | Introduced


Bill Title: Relates to the right of tenant association to have the first option to purchase a housing unit.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S02779 Detail]

Download: New_York-2015-S02779-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2779
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 29, 2015
                                      ___________
       Introduced by Sens. KRUEGER, HAMILTON, HASSELL-THOMPSON, HOYLMAN, STAVI-
         SKY  -- read twice and ordered printed, and when printed to be commit-
         ted to the Committee on Housing, Construction and  Community  Develop-
         ment
       AN ACT to amend the private housing finance law, in relation to right of
         first refusal
         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  article 2-A to read as follows:
    3                                ARTICLE II-A
    4                           RIGHT OF FIRST REFUSAL
    5  SECTION 38.   DEFINITIONS.
    6          38-A. NOTIFICATION OF IMPENDING CONVERSION.
    7          38-B. NOTIFICATION OF BONA FIDE OFFER TO PURCHASE.
    8          38-C. APPRAISAL DETERMINATION.
    9          38-D. RIGHT OF FIRST REFUSAL.
   10          38-E. FIRST OPPORTUNITY TO PURCHASE.
   11          38-F. PRIOR NOTIFICATION.
   12          38-G. LONG TERM AFFORDABILITY.
   13          38-H. RIGHT OF TRANSFER.
   14          38-I. CONVERSION OF PROPERTY.
   15          38-J. PENALTY.
   16          38-K. EXCLUSIONS.
   17          38-L. JUDICIAL REVIEW.
   18    S  38.  DEFINITIONS.  FOR  THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
   19  DEFINITIONS SHALL APPLY:
   20    1. "AFFORDABLE" SHALL MEAN THAT RENTAL EXPENSES FOR DWELLING UNITS  DO
   21  NOT  EXCEED  THIRTY  PERCENT OF THE ANNUAL GROSS HOUSEHOLD INCOME OF THE
   22  EXISTING TENANTS, AND/OR WHERE RENTAL EXPENSES DO NOT  EXCEED  THE  RENT
   23  LEVELS  ALLOWABLE  PURSUANT  TO THE RENT RESTRICTIONS APPLICABLE TO SUCH
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03729-01-5
       S. 2779                             2
    1  DWELLING UNITS PRIOR TO CONVERSION, PROVIDED HOWEVER THAT DWELLING UNITS
    2  WHICH BECOME VACANT IN ASSISTED RENTAL HOUSING SHOULD NOT BE  RENTED  TO
    3  HOUSEHOLDS WHOSE INCOME EXCEEDS EIGHTY PERCENT OF THE NEW YORK METROPOL-
    4  ITAN AREA MEDIAN INCOME AS DETERMINED BY THE UNITED STATES DEPARTMENT OF
    5  HOUSING AND URBAN DEVELOPMENT.
    6    2.  "APPRAISED VALUE" SHALL MEAN THE VALUE AS DETERMINED BY A MAJORITY
    7  VOTE OF AN ADVISORY PANEL OF THREE APPRAISERS  WHO  SHALL  PERFORM  SUCH
    8  APPRAISAL  IN  ACCORDANCE  WITH  THE  AMERICAN ARBITRATION ASSOCIATION'S
    9  RULES FOR THE REAL ESTATE INDUSTRY.
   10    3. "ASSISTED RENTAL HOUSING" SHALL  MEAN  A  PRIVATELY-OWNED  MULTIPLE
   11  DWELLING  OR GROUP OF MULTIPLE DWELLING UNITS MANAGED TOGETHER UNDER THE
   12  SAME OWNERSHIP IN WHICH THE  MAJORITY  OF  DWELLING  UNITS  THEREIN  ARE
   13  SUBJECT TO FEDERAL, STATE OR CITY INCOME ELIGIBILITY RESTRICTIONS AND IN
   14  WHICH  RENTS  FOR  SUCH  DWELLING  UNITS  ARE  CONTROLLED,  REGULATED OR
   15  ASSISTED BY A FEDERAL, STATE OR CITY AGENCY  PURSUANT  TO  A  REGULATORY
   16  AGREEMENT  OR RENTAL ASSISTANCE AGREEMENT DESIGNED TO MAKE SUCH DWELLING
   17  UNITS AFFORDABLE ON A PROJECT-BASED  BASIS.    ASSISTED  RENTAL  HOUSING
   18  PROGRAMS SHALL INCLUDE:
   19    (A) ANY PROGRAM CREATED, ADMINISTERED, OR SUPERVISED BY A MUNICIPALITY
   20  OR STATE UNDER ARTICLE TWO OR ARTICLE FOUR OF THIS CHAPTER.
   21    (B) ANY PROGRAM PROVIDING PROJECT-BASED ASSISTANCE UNDER SECTION EIGHT
   22  OF THE UNITED STATES HOUSING ACT OF 1937, AS IT MAY BE AMENDED FROM TIME
   23  TO TIME; AND
   24    (C)  HOUSING  PROGRAMS GOVERNED BY SECTION 202, 207, 221, 232, 236, OR
   25  811 OF THE NATIONAL HOUSING ACT, (12 U.S.C. 1701 ET SEQ.), AS  THEY  MAY
   26  BE AMENDED FROM TIME TO TIME.
   27    4.  "BONA  FIDE  PURCHASER"  SHALL  MEAN  A  PERSON OR ENTITY THAT HAS
   28  TENDERED A BONA FIDE OFFER TO PURCHASE THE ASSISTED RENTAL HOUSING.
   29    5. "BONA FIDE OFFER TO PURCHASE" SHALL MEAN A GOOD FAITH  AND  WITHOUT
   30  FRAUD  OFFER,  MADE  IN  WRITING  AND  APPROVED  BY THE DIVISION THAT IS
   31  TENDERED BY A BONA FIDE PURCHASER NO LATER THAN ONE HUNDRED TWENTY  DAYS
   32  AFTER  AN APPRAISAL PERFORMED PURSUANT TO SECTION THIRTY-EIGHT-C OF THIS
   33  ARTICLE, AND THAT IS NON-BINDING ON THE OWNER WITH INTENT TO CONVERT.
   34    6. "CONVERSION" OR "CONVERT" SHALL MEAN THE TRANSFER OF  TITLE,  LEAS-
   35  ING,  INTENTION  TO SELL OR LEASE, MORTGAGE PRE-PAYMENT, WITHDRAWAL FROM
   36  AN ASSISTED HOUSING PROGRAM, DECISION NOT TO  EXTEND  OR  RENEW  PARTIC-
   37  IPATION IN THE PROGRAM OR ANY OTHER ACTION TAKEN BY THE OWNER THAT WOULD
   38  RESULT  IN THE TERMINATION OF PARTICIPATION BY THE OWNER IN THE ASSISTED
   39  RENTAL HOUSING PROGRAM.
   40    7. "HOUSEHOLD" SHALL MEAN ALL LAWFUL OCCUPANTS OF ANY DWELLING UNIT.
   41    8. "HOUSEHOLD INCOME" SHALL MEAN, FOR ANY HOUSEHOLD, THE  SUM  OF  THE
   42  AMOUNT  REPORTED  SEPARATELY  IN THE MOST RECENT INDIVIDUAL OR JOINT TAX
   43  RETURN FOR WAGE OR SALARY INCOME, NET  SELF-EMPLOYED  INCOME,  INTEREST,
   44  DIVIDENDS, RENT RECEIVED, ROYALTIES, SOCIAL SECURITY OR RAILROAD RETIRE-
   45  MENT  BENEFITS  OR  DISABILITY  BENEFITS  AND  ALL OTHER INCOME FOR EACH
   46  MEMBER OF THE HOUSEHOLD REPORTED ON A TAX RETURN.
   47    9. "DIVISION" SHALL MEAN THE DIVISION OF HOUSING AND COMMUNITY RENEWAL
   48  OR SUCCESSOR AGENCY.
   49    10.   "FINANCIAL ASSISTANCE" SHALL MEAN ANY  BENEFITS  RECEIVED  AS  A
   50  RESULT  OF  AN  ASSISTED  RENTAL  HOUSING  PROGRAM  THAT ACT TO MAINTAIN
   51  AFFORDABLE RENTS IN THE ASSISTED RENTAL HOUSING.
   52    11. "FIRST OPPORTUNITY TO PURCHASE" SHALL MEAN THE  OPPORTUNITY  BY  A
   53  TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTITY, TO PURCHASE IN
   54  GOOD FAITH AND WITHOUT FRAUD THE ASSISTED RENTAL HOUSING AT OR BELOW ITS
   55  APPRAISED  VALUE  BEFORE SUCH ASSISTED RENTAL HOUSING BECOMES SUBJECT TO
   56  CONVERSION.
       S. 2779                             3
    1    12. "NOTICE" SHALL MEAN A WRITTEN COMMUNICATION ADDRESSED TO A  TENANT
    2  ASSOCIATION,  OR  IF NO TENANT ASSOCIATION EXISTS, TO EACH TENANT, OR IF
    3  APPLICABLE, TO A QUALIFIED ENTITY, BY MEANS OF FIRST  CLASS  AND  REGIS-
    4  TERED  MAIL,  OR  PERSONAL  DELIVERY UPON A TENANT ASSOCIATION, OR IF NO
    5  TENANT  ASSOCIATION EXISTS, UPON EACH TENANT, OR IF APPLICABLE, A QUALI-
    6  FIED ENTITY. EACH SUCH NOTICE SHALL BE DEEMED TO HAVE  BEEN  GIVEN  UPON
    7  THE  DEPOSIT  OF  SUCH FIRST CLASS AND REGISTERED MAIL IN THE CUSTODY OF
    8  THE UNITED STATES POSTAL SERVICE OR UPON RECEIPT OF  PERSONAL  DELIVERY,
    9  AND BY POSTING OF SUCH NOTICE IN THE COMMON AREAS OF THE ASSISTED RENTAL
   10  HOUSING.
   11    13.  "OWNER"  SHALL  MEAN ANY PERSON OR ENTITY, OR COMBINATION OF SUCH
   12  PERSONS OR ENTITIES, OR ANY AGENT OF SUCH PERSONS OR ENTITIES, THAT  HAS
   13  A  CONTROLLING  INTEREST  IN  ASSISTED RENTAL HOUSING THAT IS SUBJECT TO
   14  CONVERSION.
   15    14. "QUALIFIED ENTITY" SHALL MEAN ANY INDIVIDUAL, PARTNERSHIP, LIMITED
   16  LIABILITY PARTNERSHIP,  LIMITED  LIABILITY  CORPORATION,  NOT-FOR-PROFIT
   17  CORPORATION  OR  BUSINESS  CORPORATION, OR OTHER ENTITY AUTHORIZED TO DO
   18  BUSINESS IN NEW YORK STATE AND EXPERIENCED IN THE MANAGEMENT OF AFFORDA-
   19  BLE HOUSING, DESIGNATED BY  THE  TENANTS  RESIDING  IN  AT  LEAST  SIXTY
   20  PERCENT  OF  THE OCCUPIED DWELLING UNITS WITHIN THE SAME ASSISTED RENTAL
   21  HOUSING TO ACT ON ITS BEHALF PURSUANT TO SECTION THIRTY-EIGHT-H OF  THIS
   22  ARTICLE  AND  APPROVED  IN  WRITING  BY THE DIVISION AND WHICH OBLIGATES
   23  ITSELF AND ANY SUCCESSORS IN INTEREST TO ASSUME THE ONGOING RESPONSIBIL-
   24  ITY OF CONTINUING MAINTENANCE AND OPERATION OF THE ASSISTED RENTAL HOUS-
   25  ING AS AFFORDABLE FOR THE DURATION OF THE HOUSING'S USEFUL LIFE  AND  IN
   26  ACCORDANCE WITH THE PURPOSES OF THIS ARTICLE.
   27    15.  "RIGHT OF FIRST REFUSAL" SHALL MEAN THE RIGHT OF A TENANT ASSOCI-
   28  ATION, OR IF APPLICABLE, A QUALIFIED ENTITY, TO SUBMIT A GOOD FAITH  AND
   29  WITHOUT  FRAUD  OFFER, IN WRITING TO THE OWNER TO PURCHASE THE HIGHER OF
   30  THE ASSISTED RENTAL HOUSING'S APPRAISED VALUE OR  THE  IDENTICAL  PRICE,
   31  TERMS AND CONDITIONS OFFERED BY A BONA FIDE PURCHASER AS APPROVED BY THE
   32  DIVISION.
   33    16.  "TENANT" SHALL MEAN A LAWFUL OCCUPANT WHO RESIDES WITHIN A DWELL-
   34  ING UNIT WITHIN SUCH ASSISTED RENTAL HOUSING PURSUANT TO LAW OR A  LEASE
   35  RECOGNIZED  BY  EITHER  THE  OWNER  OF SUCH ASSISTED RENTAL HOUSING, THE
   36  DIVISION OR A COURT OF COMPETENT JURISDICTION.
   37    17. "TENANT ASSOCIATION" SHALL MEAN AN ASSOCIATION,  WHETHER  INCORPO-
   38  RATED  OR NOT, FOR WHICH WRITTEN CONSENT TO FORMING A TENANT ASSOCIATION
   39  HAS BEEN GIVEN BY TENANTS REPRESENTING AT LEAST  SIXTY  PERCENT  OF  THE
   40  OCCUPIED  DWELLING  UNITS  WITHIN  THE SAME ASSISTED RENTAL HOUSING, AND
   41  WHICH ASSOCIATION NOTIFIES OR HAS NOTIFIED THE  OWNER  OF  THE  ASSISTED
   42  RENTAL  HOUSING  AND  THE DIVISION OF ITS EXISTENCE OR ESTABLISHMENT AND
   43  HAS PROVIDED TO SUCH OWNER AND THE DIVISION THE NAMES AND  ADDRESSES  OF
   44  AT  LEAST  TWO  OF  THE OFFICERS OR REPRESENTATIVES OF SUCH ASSOCIATION.
   45  WHERE MORE THAN ONE GROUP OF TENANTS IN THE SAME ASSISTED RENTAL HOUSING
   46  CLAIMS TO BE THE TENANT ASSOCIATION FOR SUCH  ASSISTED  RENTAL  HOUSING,
   47  THE  DIVISION SHALL DETERMINE WHICH GROUP, IF ANY, IS THE TENANT ASSOCI-
   48  ATION FOR THE PURPOSES OF THIS ARTICLE IN THE SAME MANNER AS  THE  DIVI-
   49  SION  CERTIFIES  A TENANT ASSOCIATION FOR THE PURPOSES OF ARTICLE TWO OF
   50  THIS CHAPTER.
   51    S 38-A. NOTIFICATION OF  IMPENDING  CONVERSION.  1.  NOTICE  SHALL  BE
   52  PROVIDED BY THE OWNER TO THE TENANT ASSOCIATION, OR IF NO TENANT ASSOCI-
   53  ATION  EXISTS,  TO  EACH TENANT, AND TO THE DIVISION OF THE INTENTION OF
   54  THE OWNER TO TAKE ANY ACTION THAT WILL RESULT IN THE CONVERSION  OF  THE
   55  ASSISTED RENTAL HOUSING.
       S. 2779                             4
    1    2.  SUCH  NOTICE SHALL BE PROVIDED NO LESS THAN TWELVE MONTHS PRIOR TO
    2  THE TAKING OF SUCH ACTION BY THE OWNER. SUCH NOTICE  SHALL  INCLUDE  THE
    3  FOLLOWING INFORMATION:
    4    (A) THE NAME AND ADDRESS OF EACH OWNER OF THE ASSISTED RENTAL HOUSING.
    5  FOR  ANY OWNER THAT IS A CORPORATION, THE NOTICE SHALL CONTAIN THE NAMES
    6  AND ADDRESSES OF THE OFFICERS AND DIRECTORS OF THE  CORPORATION  AND  OF
    7  ANY  PERSON  DIRECTLY OR INDIRECTLY HOLDING MORE THAN TEN PERCENT OF ANY
    8  CLASS OF THE OUTSTANDING STOCK OF THE CORPORATION. FOR ANY OWNER THAT IS
    9  A PARTNERSHIP OR JOINT VENTURE, THE NOTICE SHALL CONTAIN  THE  NAME  AND
   10  ADDRESS  OF  EACH  INDIVIDUAL WHO IS A PRINCIPAL OR EXERCISES CONTROL OF
   11  SUCH ENTITIES;
   12    (B) THE ADDRESS AND/OR ADDRESSES AND THE  NAME  AND/OR  NAMES  OF  THE
   13  ASSISTED RENTAL HOUSING AND THE TYPE OF PROGRAM OR PROGRAMS TO WHICH THE
   14  ASSISTED RENTAL HOUSING IS SUBJECT;
   15    (C)  THE NATURE OF THE ACTION THAT THE OWNER INTENDS TO TAKE THAT WILL
   16  RESULT IN A CONVERSION;
   17    (D) THE DATE ON WHICH SUCH  ACTION  RESULTING  IN  THE  CONVERSION  IS
   18  ANTICIPATED TO TAKE PLACE;
   19    (E)  THE  PROVISION  OF LAW, RULE OR REGULATION PURSUANT TO WHICH SUCH
   20  ACTION IS AUTHORIZED;
   21    (F) THE TOTAL NUMBER AND TYPE OF DWELLING UNITS SUBJECT TO  A  CONVER-
   22  SION;
   23    (G)  THE  CURRENT  RENT  SCHEDULE FOR THE DWELLING UNITS ALONG WITH AN
   24  ESTIMATION OF THE RENT INCREASES ANTICIPATED UPON CONVERSION;
   25    (H) THE INCOME AND EXPENSE REPORT FOR THE TWELVE-MONTH PERIOD PRIOR TO
   26  THE NOTICE INCLUDING CAPITAL IMPROVEMENTS, REAL PROPERTY TAXES AND OTHER
   27  MUNICIPAL CHARGES;
   28    (I) THE AMOUNT OF THE OUTSTANDING MORTGAGE  AS  OF  THE  DATE  OF  THE
   29  NOTICE;
   30    (J)  THE  TWO  MOST  RECENT  INSPECTION  REPORTS  FROM THE REAL ESTATE
   31  ASSESSMENT CENTER OF THE UNITED STATES DEPARTMENT OF HOUSING  AND  URBAN
   32  DEVELOPMENT, FOR THE ASSISTED RENTAL HOUSING OR GROUP OF MULTIPLE DWELL-
   33  ING  UNITS  OPERATED  TOGETHER  UNDER  THE SAME OWNERSHIP FOR WHICH SUCH
   34  INSPECTION REPORTS ARE REQUIRED, OR, THE REPORTS OF THE TWO MOST  RECENT
   35  COMPREHENSIVE  BUILDING-WIDE  INSPECTION  REPORTS  THAT  MAY  HAVE  BEEN
   36  CONDUCTED BY THE DIVISION;
   37    (K) A STATEMENT OF NOTICE IN A MANNER APPROVED BY THE  DIVISION  WHICH
   38  ADVISES  A  TENANT  ASSOCIATION,  OR  IF  NO  TENANT ASSOCIATION EXISTS,
   39  ADVISES EACH TENANT, OF THE FIRST OPPORTUNITY TO PURCHASE AS REQUIRED BY
   40  SECTION THIRTY-EIGHT-E OF  THIS  ARTICLE,  OR  OF  THE  RIGHT  OF  FIRST
   41  REFUSAL, AS REQUIRED BY SECTION THIRTY-EIGHT-D OF THIS ARTICLE; AND
   42    (L) SUCH OTHER INFORMATION THE DIVISION MAY REQUIRE.
   43    3.  DURING THE TWELVE-MONTH NOTIFICATION PERIOD PROVIDED FOR IN SUBDI-
   44  VISION TWO OF THIS SECTION THE OWNER MAY NOT SELL OR  CONTRACT  TO  SELL
   45  THE  ASSISTED  RENTAL  HOUSING,  BUT MAY ENGAGE IN SUCH DISCUSSIONS WITH
   46  OTHER INTERESTED PARTIES.
   47    4. NOTICE SHALL NOT BE REQUIRED OF AN OWNER WHO  INTENDS  TO  MAINTAIN
   48  THE PROPERTY AS ASSISTED RENTAL HOUSING OR INTENDS TO TRANSFER, LEASE OR
   49  REFINANCE  A  MORTGAGE  IN  ORDER  TO  MAINTAIN THE PROPERTY AS ASSISTED
   50  RENTAL HOUSING.
   51    5. WHERE AN OWNER DECIDES NOT TO CONVERT THE ASSISTED  RENTAL  HOUSING
   52  PROGRAM,  SUCH OWNER MAY WITHDRAW THE NOTICE OF INTENTION TO CONVERT THE
   53  ASSISTED RENTAL HOUSING PROGRAM, SUBJECT TO THE TERMS  OF  ANY  ACCEPTED
   54  OFFER TO PURCHASE OR EXECUTED PURCHASE AND SALE AGREEMENT, AND TO EXIST-
   55  ING  STATUTORY  AND  COMMON LAW REMEDIES. IN SUCH EVENT, THE OWNER SHALL
   56  GIVE NOTICE TO THE TENANT  ASSOCIATION,  OR  IF  NO  TENANT  ASSOCIATION
       S. 2779                             5
    1  EXISTS,  TO EACH TENANT, OR IF APPLICABLE, TO A QUALIFIED ENTITY, AND TO
    2  THE DIVISION. HOWEVER, SHOULD THE OWNER AT ANY TIME DECIDE  TO  TAKE  AN
    3  ACTION THAT WILL RESULT IN CONVERSION, THE TWELVE-MONTH NOTICE PERIOD OF
    4  THIS  SECTION AS WELL AS ALL OTHER APPLICABLE REQUIREMENTS OF THIS ARTI-
    5  CLE SHALL BE COMPLIED WITH.
    6    6. NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS SECTION, IF ANY APPLI-
    7  CABLE SUPERVENING STATUTE OR PROGRAM HAS A NOTICE  REQUIREMENT  SUBSTAN-
    8  TIALLY  SIMILAR  TO  ANY  NOTICE  REQUIREMENT  OF THIS SECTION, THEN THE
    9  NOTICE REQUIREMENT UNDER THIS SECTION SHALL BE THAT OF  THE  SUPERVENING
   10  STATUTE OR PROGRAM.
   11    7.  NOTWITHSTANDING  ANY  OTHER  PROVISIONS  OF  THIS  SECTION, IF THE
   12  NOTICES REQUIRED BY  THIS  SECTION  REQUIRE  MORE  INFORMATION  THAN  IS
   13  REQUIRED BY ANY APPLICABLE SUPERVENING CITY, STATE OR FEDERAL STATUTE OR
   14  PROGRAM,  THEN  SUCH ADDITIONAL INFORMATION SHALL BE PROVIDED WITHIN THE
   15  TIME PERIOD ESTABLISHED BY THE SUPERVENING STATUTE OR PROGRAM.
   16    S 38-B. NOTIFICATION OF BONA FIDE OFFER TO PURCHASE. 1. IF  THE  OWNER
   17  RECEIVES  A  BONA  FIDE  OFFER  TO  PURCHASE AND INTENDS TO CONSIDER, OR
   18  RESPOND TO SUCH BONA FIDE  OFFER  TO  PURCHASE,  THEN  NOTICE  SHALL  BE
   19  PROVIDED  BY  THE OWNER TO A TENANT ASSOCIATION, OR IF NO TENANT ASSOCI-
   20  ATION EXISTS, TO EACH TENANT, OR IF APPLICABLE, A QUALIFIED ENTITY,  AND
   21  THE  DIVISION,  NO  MORE  THAN FIFTEEN DAYS FROM THE DATE THAT SUCH BONA
   22  FIDE OFFER TO PURCHASE IS DELIVERED TO  THE  OWNER.  SUCH  NOTICE  SHALL
   23  CONTAIN THE FOLLOWING INFORMATION:
   24    (A) THE NAME AND ADDRESS OF THE PROPOSED BONA FIDE PURCHASER; AND
   25    (B) THE PRICE AND TERMS AND CONDITIONS OF THE OFFER.
   26    2.  THE  OWNER  SHALL  NOT BE REQUIRED TO PROVIDE NOTICE IN ACCORDANCE
   27  WITH SUBDIVISION ONE OF THIS SECTION IF THE BONA FIDE  PURCHASER  MAKING
   28  THE  OFFER AGREES TO MAINTAIN THE ASSISTED RENTAL HOUSING AS AFFORDABLE.
   29  THE BONA FIDE PURCHASER SHALL BE REQUIRED TO INFORM THE DIVISION  AS  TO
   30  HOW SUCH BONA FIDE PURCHASER INTENDS TO KEEP THE ASSISTED RENTAL HOUSING
   31  AS AFFORDABLE.
   32    S  38-C.  APPRAISAL  DETERMINATION.  1.  THE DIVISION SHALL CONVENE AN
   33  ADVISORY PANEL, WHICH ADVISORY PANEL SHALL DETERMINE THE APPRAISED VALUE
   34  OF THE ASSISTED RENTAL HOUSING WITHIN THIRTY DAYS OF  A  TENANT  ASSOCI-
   35  ATION'S,  OR IF APPLICABLE, A QUALIFIED ENTITY'S NOTICE TO THE OWNER AND
   36  THE DIVISION PURSUANT TO SUBDIVISION ONE OF  SECTION  THIRTY-EIGHT-D  OR
   37  SUBDIVISION ONE OF SECTION THIRTY-EIGHT-E OF THIS ARTICLE.
   38    2.  THE  ADVISORY PANEL SHALL CONSIST OF ONE APPRAISER SELECTED BY THE
   39  OWNER, ONE APPRAISER SELECTED BY THE TENANT ASSOCIATION, OR IF  APPLICA-
   40  BLE,  A  QUALIFIED  ENTITY,  AND  ONE APPRAISER TO BE SELECTED EITHER BY
   41  MUTUAL AGREEMENT BETWEEN THE OWNER AND  THE  TENANT  ASSOCIATION  OR  IF
   42  APPLICABLE,  A  QUALIFIED  ENTITY,  OR  BY  MUTUAL AGREEMENT BETWEEN THE
   43  APPRAISER THAT WAS SELECTED BY THE OWNER AND THE APPRAISER  SELECTED  BY
   44  THE  TENANT  ASSOCIATION,  OR IF APPLICABLE, A QUALIFIED ENTITY, IF SUCH
   45  CONDITION IS DEEMED ACCEPTABLE TO THE OWNER AND THE TENANTS ASSOCIATION,
   46  OR IF APPLICABLE, A QUALIFIED ENTITY, AND IS  AGREED  UPON  IN  WRITING,
   47  EXCEPT THAT IN THE CASE OF WHERE THERE IS NO AGREEMENT BETWEEN THE OWNER
   48  AND  THE  TENANT  ASSOCIATION,  OR IF APPLICABLE, A QUALIFIED ENTITY, OR
   49  BETWEEN THE APPRAISER THAT WAS SELECTED BY THE OWNER AND  THE  APPRAISER
   50  SELECTED  BY THE TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTI-
   51  TY, THEN THE APPRAISER WILL BE SELECTED BY THE DIVISION.  THE  COST  FOR
   52  THE  APPRAISER  SHALL  BE  BORNE  BY THE PARTY RESPONSIBLE FOR PROVIDING
   53  SUCH APPRAISER. HOWEVER,  WHERE  THE  DIVISION  MUST  SELECT  THE  THIRD
   54  APPRAISER,  THE  COST  FOR  SUCH APPRAISER SHALL BE EQUALLY BORNE BY THE
   55  OWNER AND THE TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTITY.
       S. 2779                             6
    1    3. NOTICE SHALL BE PROVIDED BY THE  DIVISION  TO  THE  OWNER  AND  THE
    2  TENANT  ASSOCIATION,  OR IF APPLICABLE, A QUALIFIED ENTITY, FIFTEEN DAYS
    3  BEFORE THE INTENDED DATE THAT SUCH ADVISORY PANEL  IS  TO  INITIATE  THE
    4  PERFORMANCE  OF  THE  APPRAISAL.  IN  THE INSTANCE WHEN EITHER THE OWNER
    5  FAILS TO PROVIDE AN APPRAISER WITHIN FIFTEEN DAYS OF SUCH NOTICE OR WHEN
    6  THE  TENANT  ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTITY, FAILS TO
    7  PROVIDE AN APPRAISER WITHIN FIFTEEN DAYS OF SUCH NOTICE THEN  THE  DIVI-
    8  SION  SHALL  SELECT THE APPRAISER ON BEHALF OF THE PARTY OR PARTIES THAT
    9  FAILED TO SELECT AN APPRAISER. IN SUCH CIRCUMSTANCE, THE  COST  FOR  THE
   10  APPRAISER SELECTED BY THE DIVISION SHALL BE BORNE BY THE PARTY RESPONSI-
   11  BLE FOR PROVIDING THAT APPRAISER.
   12    4. THE DIVISION SHALL PROMULGATE RULES FOR THE TIMELY DETERMINATION OF
   13  THE  APPRAISED  VALUE  AND THAT SUCH RULES ARE TO BE CONSISTENT WITH THE
   14  NOTICE REQUIREMENTS MANDATED UNDER THIS CHAPTER. THE DIVISION SHALL MAKE
   15  SUCH APPRAISED VALUE PUBLICLY AVAILABLE WITHIN  FIFTEEN  DAYS  FROM  THE
   16  DATE OF SUCH ADVISORY PANEL'S DETERMINATION.
   17    5.  IN  THE INSTANCE WHERE THE OWNER AND THE TENANT ASSOCIATION, OR IF
   18  APPLICABLE, A QUALIFIED ENTITY, HAVE MUTUALLY AGREED UPON  AN  APPRAISED
   19  VALUE  FOR  THE  ASSISTED  RENTAL  HOUSING PRIOR TO THE CONVENING OF THE
   20  ADVISORY PANEL, THE OWNER AND THE TENANT ASSOCIATION, OR IF  APPLICABLE,
   21  A  QUALIFIED  ENTITY,  MAY IN WRITING APPLY TO THE DIVISION FOR A WAIVER
   22  FROM SUBDIVISIONS ONE THROUGH FOUR OF THIS SECTION. THE  DIVISION  SHALL
   23  MAKE  A  DETERMINATION UPON SUCH APPLICATION FOR A WAIVER WITHIN FIFTEEN
   24  DAYS FROM RECEIPT OF SUCH APPLICATION.
   25    S 38-D. RIGHT OF FIRST REFUSAL. 1. A TENANT ASSOCIATION, OR IF  APPLI-
   26  CABLE,  A  QUALIFIED  ENTITY, SHALL NOTIFY THE OWNER AND THE DIVISION IN
   27  WRITING OF ITS INTENT TO EXERCISE ITS  RIGHT  OF  FIRST  REFUSAL  WITHIN
   28  SIXTY DAYS FROM RECEIPT OF NOTICE FROM THE OWNER PURSUANT TO SUBDIVISION
   29  ONE OF SECTION THIRTY-EIGHT-A OF THIS ARTICLE.
   30    2.  THE  TENANT  ASSOCIATION,  OR  IF  APPLICABLE, A QUALIFIED ENTITY,
   31  FOLLOWING NOTICE BY THE OWNER IN  COMPLIANCE  WITH  SUBDIVISION  ONE  OF
   32  SECTION  THIRTY-EIGHT-A  OF  THIS ARTICLE, SHALL HAVE ONE HUNDRED TWENTY
   33  DAYS FROM THE DATE OF THE NOTICE OF THE DETERMINATION OF  THE  APPRAISED
   34  VALUE TO SUBMIT ITS OFFER TO PURCHASE.
   35    3.  THE  TENANT  ASSOCIATION,  OR  IF  APPLICABLE  A QUALIFIED ENTITY,
   36  FOLLOWING NOTICE BY THE OWNER IN  COMPLIANCE  WITH  SUBDIVISION  ONE  OF
   37  SECTION  THIRTY-EIGHT-B  OF  THIS ARTICLE, SHALL HAVE ONE HUNDRED TWENTY
   38  DAYS FROM THE DATE OF A BONA FIDE OFFER TO PURCHASE TO SUBMIT ITS  OFFER
   39  TO PURCHASE.
   40    4.  IF  THROUGH  NO FAULT OF A TENANT ASSOCIATION, OR IF APPLICABLE, A
   41  QUALIFIED ENTITY, OR THE OWNER, THE TIME PERIODS PROVIDED FOR IN  SUBDI-
   42  VISION  TWO OR THREE OF THIS SECTION NEED TO BE EXTENDED, THEN SUCH TIME
   43  PERIODS MAY BE EXTENDED BY THE DIVISION. SHOULD  SUCH  TIME  PERIODS  BE
   44  EXTENDED  PAST  THE  NOTICE  PERIOD  PROVIDED  FOR IN SUBDIVISION ONE OF
   45  SECTION THIRTY-EIGHT-A OF THIS  ARTICLE,  THEN  THE  PROVISIONS  OF  THE
   46  APPLICABLE  ASSISTED  RENTAL  HOUSING PROGRAM SHALL REMAIN IN FULL FORCE
   47  AND EFFECT TO THE EXTENT PERMITTED BY LAW.
   48    5. UNLESS THE OWNER AND A TENANT  ASSOCIATION,  OR  IF  APPLICABLE,  A
   49  QUALIFIED  ENTITY, OTHERWISE AGREE TO PURCHASE THE ASSISTED RENTAL HOUS-
   50  ING BELOW ITS APPRAISED VALUE, THE OWNER SHALL SELL SUCH ASSISTED RENTAL
   51  HOUSING AT THE APPRAISED VALUE OR AT THE PRICE CONTAINED IN A BONA  FIDE
   52  OFFER TO PURCHASE PRICE AS APPROVED BY THE DIVISION.
   53    6.  THE  DIVISION  SHALL PROMULGATE RULES FOR THE TIMELY COMPLETION OF
   54  ALL LENDING PROGRAM APPLICATIONS, CREDIT REVIEWS AND LOAN CLOSINGS.
   55    7. IF A TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTITY, DOES
   56  NOT SUBMIT ITS OFFER IN WRITING TO THE OWNER AND THE DIVISION WITHIN THE
       S. 2779                             7
    1  TIME PERIODS STATED IN SUBDIVISION TWO OR THREE OF THIS SECTION  FOLLOW-
    2  ING  NOTICE  BY  THE OWNER IN COMPLIANCE WITH SUBDIVISION ONE OF SECTION
    3  THIRTY-EIGHT-A OF THIS ARTICLE, THEN SUCH RIGHT WILL  BE  DEEMED  WAIVED
    4  AND  THE  OWNER  SHALL  HAVE  NO FURTHER OBLIGATIONS UNDER THIS SECTION.
    5  HOWEVER, WHERE A TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTI-
    6  TY, HAS PREVIOUSLY SUBMITTED A NOTICE IN ACCORDANCE WITH SUBDIVISION ONE
    7  OF THIS SECTION DECIDES NOT TO EXERCISE SUCH RIGHT, IT MAY WITHDRAW SUCH
    8  NOTICE BY GIVING WRITTEN NOTICE TO THAT EFFECT TO THE OWNER AND  TO  THE
    9  DIVISION.
   10    S  38-E. FIRST OPPORTUNITY TO PURCHASE. 1. A TENANT ASSOCIATION, OR IF
   11  APPLICABLE, A QUALIFIED ENTITY, SHALL NOTIFY THE OWNER AND THE  DIVISION
   12  IN  WRITING  OF ITS INTENT TO EXERCISE ITS RIGHT OF FIRST OPPORTUNITY TO
   13  PURCHASE WITHIN SIXTY DAYS FROM RECEIPT OF NOTICE FROM THE OWNER  PURSU-
   14  ANT TO SUBDIVISION ONE OF SECTION THIRTY-EIGHT-A OF THIS ARTICLE.
   15    2.  THE  TENANT  ASSOCIATION,  OR  IF  APPLICABLE, A QUALIFIED ENTITY,
   16  FOLLOWING NOTICE BY THE OWNER IN  COMPLIANCE  WITH  SUBDIVISION  ONE  OF
   17  SECTION  THIRTY-EIGHT-A  OF  THIS ARTICLE, SHALL HAVE ONE HUNDRED TWENTY
   18  DAYS FROM THE DATE OF THE NOTICE OF THE DETERMINATION OF  THE  APPRAISED
   19  VALUE TO SUBMIT ITS OFFER TO PURCHASE.
   20    3.  IF  THROUGH  NO FAULT OF A TENANT ASSOCIATION, OR IF APPLICABLE, A
   21  QUALIFIED ENTITY, OR THE OWNER, THE TIME PERIOD PROVIDED FOR IN SUBDIVI-
   22  SION TWO OF THIS SECTION NEEDS TO BE EXTENDED, THEN SUCH TIME PERIOD MAY
   23  BE EXTENDED BY THE DIVISION. SHOULD SUCH TIME PERIOD  BE  EXTENDED  PAST
   24  THE   NOTICE   PERIOD   PROVIDED  FOR  IN  SUBDIVISION  ONE  OF  SECTION
   25  THIRTY-EIGHT-A OF THIS ARTICLE, THEN THE PROVISIONS  OF  THE  APPLICABLE
   26  ASSISTED RENTAL HOUSING PROGRAM SHALL REMAIN IN FULL FORCE AND EFFECT TO
   27  THE EXTENT PERMITTED BY LAW.
   28    4.  EXCEPT WHERE THE OWNER AND A TENANT ASSOCIATION, OR IF APPLICABLE,
   29  A QUALIFIED ENTITY, AGREE TO A PURCHASE PRICE  OF  THE  ASSISTED  RENTAL
   30  HOUSING  AT AN AMOUNT BELOW THE APPRAISED VALUE, ANY OFFER MADE PURSUANT
   31  TO THIS SECTION SHALL BE ACCEPTED BY THE OWNER.
   32    5. IF A TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTITY, DOES
   33  NOT SUBMIT ITS OFFER IN WRITING TO THE OWNER AND THE DIVISION WITHIN THE
   34  TIME PERIODS STATED IN SUBDIVISION TWO OF THIS SECTION FOLLOWING  NOTICE
   35  BY   THE   OWNER   IN   COMPLIANCE   WITH  SUBDIVISION  ONE  OF  SECTION
   36  THIRTY-EIGHT-A OF THIS ARTICLE, THEN SUCH RIGHT WILL  BE  DEEMED  WAIVED
   37  AND  THE  OWNER  SHALL  HAVE  NO FURTHER OBLIGATIONS UNDER THIS SECTION.
   38  HOWEVER, WHERE A TENANT ASSOCIATION, OR IF APPLICABLE, A QUALIFIED ENTI-
   39  TY, HAS PREVIOUSLY SUBMITTED A NOTICE IN ACCORDANCE WITH SUBDIVISION ONE
   40  OF THIS SECTION DECIDES NOT TO EXERCISE SUCH RIGHT, IT MAY WITHDRAW SUCH
   41  NOTICE BY GIVING WRITTEN NOTICE TO THAT EFFECT TO THE OWNER AND  TO  THE
   42  DIVISION.
   43    S  38-F.  PRIOR  NOTIFICATION.  NOTWITHSTANDING ANY OTHER PROVISION OF
   44  THIS ARTICLE, WHERE AN OWNER HAS GIVEN NOTICE  PRIOR  TO  THE  EFFECTIVE
   45  DATE  OF  THIS  ARTICLE  AND  THE INTENT OF SUCH NOTICE IS TO INITIATE A
   46  PROCEDURE TO WITHDRAW THE ASSISTED RENTAL HOUSING  FROM  A  PROGRAM  SET
   47  FORTH  IN SUBDIVISION THREE OF SECTION THIRTY-EIGHT OF THIS ARTICLE, AND
   48  SUCH NOTICE WAS PROPERLY GIVEN IN ACCORDANCE WITH ANY  OTHER  APPLICABLE
   49  PROVISION OF LAW AND MORE THAN FORTY-FIVE DAYS REMAIN PRIOR TO THE EXPI-
   50  RATION  OF  THE  TIME PERIOD APPLICABLE TO SUCH NOTICE, A TENANT ASSOCI-
   51  ATION, OR IF APPLICABLE, A QUALIFIED ENTITY,  MAY  COMPLETE  ANY  ACTION
   52  AUTHORIZED BY SECTIONS THIRTY-EIGHT-C, THIRTY-EIGHT-D AND THIRTY-EIGHT-E
   53  OF THIS ARTICLE AT ANY TIME PRIOR TO THE EXPIRATION OF SUCH TIME PERIOD.
   54    S  38-G. LONG TERM AFFORDABILITY. A TENANT ASSOCIATION, OR IF APPLICA-
   55  BLE, A QUALIFIED ENTITY, INCLUDING ALL  SUCCESSORS  IN  INTEREST,  WHICH
   56  CHOOSES TO EXERCISE THE RIGHTS PROVIDED FOR IN SECTION THIRTY-EIGHT-D OR
       S. 2779                             8
    1  SECTION THIRTY-EIGHT-E OF THIS ARTICLE WILL BE OBLIGATED TO MAINTAIN THE
    2  ASSISTED RENTAL HOUSING AS AFFORDABLE.
    3    S 38-H. RIGHT OF TRANSFER. 1. DURING THE NOTICE PERIOD PROVIDED FOR IN
    4  SECTION  THIRTY-EIGHT-A OF THIS ARTICLE, THE TENANTS, BY WRITTEN CONSENT
    5  OF THE TENANTS RESIDING IN AT LEAST SIXTY PERCENT OF THE OCCUPIED DWELL-
    6  ING UNITS WITHIN THE SAME ASSISTED  RENTAL  HOUSING,  MAY  TRANSFER  THE
    7  RIGHTS  ESTABLISHED BY SECTION THIRTY-EIGHT-D AND SECTION THIRTY-EIGHT-E
    8  OF THIS ARTICLE TO A QUALIFIED ENTITY.
    9    2. NOTICE OF SUCH TRANSFER SHALL BE PROVIDED  TO  THE  OWNER  AND  THE
   10  DIVISION  IN  WRITING  WITHIN SIXTY DAYS FROM RECEIPT OF NOTICE FROM THE
   11  OWNER PURSUANT TO SECTION THIRTY-EIGHT-A OF THIS ARTICLE.
   12    S 38-I. CONVERSION OF  PROPERTY.  NOTWITHSTANDING  THE  PROVISIONS  OF
   13  SECTION  THIRTY-EIGHT-D AND SECTION THIRTY-EIGHT-E OF THIS ARTICLE, WHEN
   14  A CONVERSION OCCURS, AN OWNER OR BONA FIDE  PURCHASER  SHALL  ALLOW  THE
   15  CURRENT  TENANT  OR TENANTS TO REMAIN IN THEIR RESPECTIVE DWELLING UNITS
   16  FOR THE LONGER OF SIX MONTHS FROM THE EFFECTIVE DATE OF  THE  CONVERSION
   17  OR  UNTIL  THE  TENANT'S LEASE EXPIRES, AND AT THE SAME TERMS AND CONDI-
   18  TIONS AS BEFORE SUCH CONVERSION. SUCH OWNER OR PURCHASER MAY,  WITH  THE
   19  AGREEMENT  OF  THE TENANT OR TENANTS, RELOCATE SUCH TENANT OR TENANTS TO
   20  COMPARABLE UNITS WITH COMPARABLE RENTS IN ACCORDANCE WITH PROCEDURES  TO
   21  BE  ESTABLISHED  BY  THE RULES OF THE DIVISION.  NOTHING IN THIS SECTION
   22  SHALL BE DEEMED TO LIMIT, RESTRICT OR MODIFY THE  RIGHTS  OF  A  CURRENT
   23  TENANT  OR  TENANTS  PURSUANT  TO THE EMERGENCY TENANT PROTECTION ACT OF
   24  NINETEEN SEVENTY-FOUR, THE EMERGENCY HOUSING RENT CONTROL LAW, THE  CITY
   25  RENT  AND  REHABILITATION  LAW OR THE RENT STABILIZATION LAW OF NINETEEN
   26  HUNDRED SIXTY-NINE.
   27    S 38-J. PENALTY. AN OWNER FOUND TO HAVE VIOLATED ANY PROVISION OF THIS
   28  ARTICLE SHALL, IN  ADDITION  TO  ANY  OTHER  MONETARY  AND/OR  EQUITABLE
   29  DAMAGES FOR WHICH THE OWNER MAY BE LIABLE, BE LIABLE FOR A CIVIL PENALTY
   30  OF  FIVE  THOUSAND  DOLLARS  PER MONTH PER DWELLING UNIT IN THE ASSISTED
   31  RENTAL HOUSING, AND SHALL ALSO PAY TO A TENANT  ASSOCIATION,  OR  IF  NO
   32  TENANT  ASSOCIATION  EXISTS,  EACH TENANT, OR IF APPLICABLE, A QUALIFIED
   33  ENTITY, FEES AND COSTS INCURRED IN BRINGING AN  ENFORCEMENT  PROCEEDING.
   34  THE  TOTAL  CIVIL  PENALTIES MAY NOT EXCEED ONE HUNDRED THOUSAND DOLLARS
   35  PER DWELLING UNIT. NOTHING IN  THIS  SECTION  SHALL  BE  INTERPRETED  AS
   36  PROHIBITING  THE TENANT ASSOCIATION, OR IF NO TENANT ASSOCIATION EXISTS,
   37  THE TENANTS, OR IF APPLICABLE, A QUALIFIED ENTITY, FROM SEEKING  INJUNC-
   38  TIVE  RELIEF  AGAINST  A  NON-COMPLIANT  OWNER. SUCH PROCEEDING SHALL BE
   39  BROUGHT IN A COURT OF COMPETENT JURISDICTION.
   40    S 38-K. EXCLUSIONS. 1. NOTHING IN THIS ARTICLE SHALL AFFECT ANY EXIST-
   41  ING AGREEMENT BETWEEN A TENANT ASSOCIATION AND AN  OWNER  REGARDING  THE
   42  MANAGEMENT  AND OPERATION OF THE ASSISTED RENTAL HOUSING OR THE TRANSFER
   43  OF THE ASSISTED RENTAL HOUSING TO A TENANT ASSOCIATION OR SIMILAR ORGAN-
   44  IZATION IN EFFECT ON THE EFFECTIVE DATE OF THIS ARTICLE, EXCEPT THAT ANY
   45  RENEWAL, MODIFICATION OR AMENDMENT OF SUCH  AGREEMENT  OCCURRING  ON  OR
   46  AFTER  THE  EFFECTIVE  DATE  OF  THIS  ARTICLE  SHALL  BE SUBJECT TO THE
   47  PROVISIONS OF THIS ARTICLE.
   48    2. NOTHING IN THIS ARTICLE SHALL AFFECT ANY EXISTING AGREEMENT BETWEEN
   49  AN OWNER AND ONE OR MORE GOVERNMENTAL ENTITIES RELATING TO  THE  MANAGE-
   50  MENT  AND OPERATION OF A MULTIPLE DWELLING THAT IS NOT OTHERWISE SUBJECT
   51  TO THIS CHAPTER OR TO FEDERAL LAW.
   52    3. NOTHING IN THIS ARTICLE SHALL AFFECT  AN  OWNER  OR  PURCHASER  WHO
   53  WANTS  TO  REFINANCE  IN  ORDER TO MAINTAIN PARTICIPATION IN AN ASSISTED
   54  RENTAL HOUSING PROGRAM.
   55    4. THE PROVISIONS OF THIS ARTICLE SHALL NOT APPLY TO A PURCHASE  BY  A
   56  GOVERNMENTAL  ENTITY  IMPLEMENTING ITS POWERS OF EMINENT DOMAIN; A JUDI-
       S. 2779                             9
    1  CIALLY  SUPERVISED  SALE  OR  TRANSFER  OF  PROPERTY;   ANY   BANKRUPTCY
    2  PROCEEDINGS; OR OPERATION OF LAW.
    3    5.  THE  PROVISIONS  OF THIS ARTICLE SHALL NOT APPLY WHERE A NOTICE AS
    4  DESCRIBED IN SECTION THIRTY-EIGHT-F OF THIS ARTICLE WAS  PROPERLY  GIVEN
    5  IN  ACCORDANCE WITH ANY OTHER APPLICABLE PROVISION OF LAW AND FORTY-FIVE
    6  OR FEWER DAYS REMAIN PRIOR TO THE EXPIRATION OF SUCH  APPLICABLE  NOTICE
    7  PERIOD.
    8    6.  THE  PROVISIONS OF THIS ARTICLE SHALL PREVAIL, NOTWITHSTANDING ANY
    9  CONTRARY PROVISIONS OF THIS CHAPTER, THE EMINENT DOMAIN  PROCEDURE  LAW,
   10  OR ANY OTHER LAW.
   11    S 38-L. JUDICIAL REVIEW. ANY PERSON AGGRIEVED BY AN APPRAISAL DETERMI-
   12  NATION  MADE  PURSUANT  TO SECTION THIRTY-EIGHT-C OF THIS ARTICLE, OR BY
   13  THE FAILURE OF THE DIVISION TO APPROVE A BONA FIDE  OFFER  TO  PURCHASE,
   14  MAY,  WITHIN THIRTY DAYS OF THE APPRAISAL DETERMINATION OR ACTION BY THE
   15  DIVISION, SEEK JUDICIAL REVIEW PURSUANT TO ARTICLE SEVENTY-EIGHT OF  THE
   16  CIVIL  PRACTICE  LAW  AND  RULES  IN THE SUPREME COURT FOR THE COUNTY IN
   17  WHICH THE ASSISTED RENTAL HOUSING IS LOCATED. IN THE EVENT THAT A  COURT
   18  MAY  FIND  THAT  THE APPRAISAL OR ACTION BY THE DIVISION CONSTITUTES THE
   19  EQUIVALENT OF A  TAKING  WITHOUT  JUST  COMPENSATION,  THE  COURT  SHALL
   20  REQUIRE  THAT A NEW APPRAISAL OR DETERMINATION BE MADE. THE TIME PERIODS
   21  SET FORTH IN THIS ARTICLE SHALL BE TOLLED DURING THE PENDENCY OF SUCH  A
   22  PROCEEDING  AND  UNTIL  A  NEW APPRAISAL OR DETERMINATION, IF NEEDED, IS
   23  MADE.
   24    S 2. This act shall take effect on the thirtieth day  after  it  shall
   25  have become a law.
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