Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.
Extends provisions relating to affordable housing development loans to all municipalities of the state of New York; assists private sector in development of residential housing.
Sets up rules and regulations for the operation of lease-hold retirement communities to provide adequate housing for senior citizens wishing to retire and locate in a lease-hold retirement community; grants owners of homes in lease-hold retirement communities the right to sell their homes by methods common to sales of residential property; requires that owners of lease-hold retirement communities offer owners of homes the option to sign a long-term ninety-nine year lease.
Relates to the appointment of the rent guidelines board; requires a member representative of tenants to be appointed no later than 60 days after a vacancy; prohibits meetings until such time.
Imposes penalties for non-compliance of DHCR orders by owners of multiple dwelling units; provides a fine of $5,000 for each instance of non-compliance.
Establishes protection for senior citizens against unwarranted eviction; requires plaintiff/landlord to file an affidavit determining whether or not the respondent is a senior citizen and sets forth guidelines and procedures for a default eviction against a senior citizen, including representation of counsel; defines senior citizen as persons aged 62 or over for purposes of the real property actions and proceedings law.
Relates to creating a new acquisition fund for community land trusts located in New York state; provides that moneys of the fund shall be expended solely to carry out the affordable home ownership development program exclusively for community land trusts; defines community land trusts.
Relates to the de-regulation of rent-stabilized housing accommodations; eliminates rent regulation for any regulated housing accommodation that becomes vacant on or after June 16, 2024; makes exceptions.