A1553 (2025-26 session)

NY State bill

Requires companies aided by loans under Mitchell-Lama to notify tenants of such housing of the possibility of buyout from mortgages held which would potentially result in rent increases not later than twelve months prior to proposed dissolution; provides such notice shall inform tenants of the nature of the action, the date intended, the applicable laws and a summary of the potential consequences including expenses and rent increases which may be charged; requires the commissioner or supervising agency to prepare a report to be made available to the tenants of the project.

Title
Requires companies aided by loans under Mitchell-Lama to notify tenants of buy out from mortgage options and a report by the commissioner or supervising agency
Type
New York State Assembly bill
Session
2025-26 session
Status
In Assembly Committee
Latest action date
2026-01-07
In committee
Housing
Introduced
2025-01-10
Law section
Private Housing Finance Law

Sponsors

Heard in committee

Sources