Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded homeownership opportunities from the conversion of certain residential rental buildings to condominium status by property owners that commit to preserve the inventory of expiring affordable housing in the city of New York.
Provides for including uncles, aunts, nephews, and nieces in the definition of "family member" in relation to regulations pertaining to rights of family members to succeed in certain cases to the rights of certain tenants.
Relates to veterans' eligibility for public housing; expands eligibility requirements to include veterans of the recent conflicts; requires granting of a preference for public housing to veterans or families of veterans who have a military service connected disability.
Provides that the term "landlord" when used in the real property law, shall not include or apply to any corporation, entity or organization, hereinafter known as a "cooperative entity" that is or is operating for the purpose of providing housing and/or residences for its shareholders by leasing or subleasing to such shareholders, under proprietary leases or occupancy agreements or subleases of such leases or occupancy agreements of apartments or residences in the buildings or premises owned by such cooperative entities; makes related provisions for the term "tenant".
Establishes an affordable housing program to be administered by the division of homes and community renewal which will provide loans or grants to certain property owners; provides that property owners receiving such loans or grants shall rent such property for no more than thirty-three percent of a tenant's income.
Establishes the homeowner protection program; provides that the department of law shall establish the homeowner protection program to ensure the availability of free housing counseling and legal services to homeowners for the purposes of mitigating threats to homeownership; provides that the department of law shall provide grants to eligible not-for-profit housing counseling organizations and legal services organizations to provide services under the program.
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.
Requires a public housing authority to file in the office of the commissioner of housing and community renewal and with the temporary president of the senate and the speaker of the assembly a physical needs assessment every five years; defines "physical needs assessment".
Prohibits any lessor or agent of a lessor from reporting to any consumer reporting agency, and prohibits consumer reporting agencies from maintaining such information.