Requires that the board of directors or board of managers of a converted cooperative or condominium, as the case may be, must be comprised of a majority of members elected by shareholders or owners in occupancy so that control of the converted cooperative or condominium is turned over to the unit owners as soon as possible; applies only to plans of 20 or more units.
Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.
Relates to certain adjusted rents under the participation loan program; provides that rehabilitated rent control and rent stabilized units shall have adjusted rents determined in accordance with such programs.
Ensures zoning lot mergers do not create any new non-compliance with applicable, pre-existing zoning regulations for multiple dwellings in a city having a population of five million or more.
Expands definition of eligible senior citizen and disabled person to include any member of the tenant's household lawfully occupying the premises as such person's residence who is 62 years of age with respect to condominium and cooperative conversion to provide protection to disabled and senior citizen non-purchasing residents of buildings that undergo cooperative or condominium conversions under an eviction plan even where such residents are not tenants of record in the buildings.
Relates to temporary certificates of compliance or occupancy; permits a single ninety day extension for temporary certificates of compliance or occupancy; requires a civil penalty of $20,000 for any violation regarding certificates of compliance or occupancy.
Enacts the "accessory dwelling unit incentive act" to establish the accessory dwelling unit forgivable loan program by the division of homes and community renewal; defines terms; makes related provisions.
Relates to the New York city housing authority and mold remediation; after reporting such authority shall have 15 days to remediate such reported mold.
Defines "probable aggregate annual income" for purposes of determining eligibility for limited profit and limited dividend housing companies, as the annual net income after federal, state and municipal income taxes are deducted from gross income of the chief wage earner.
Prohibits the installation of certain security devices used to control access to common areas of a residential building without the written permission of the owners, board of managers, board of directors, or authorized party of such property.