New York Assembly Bill A01574 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1574 2025-2026 Regular Sessions  IN ASSEMBLY January 10, 2025 ___________ Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to initiat- ing a five-year moratorium on the dissolution of any urban rental Mitchell-Lama company, and in relation to establishing the implementa- tion of a Mitchell-Lama housing program study; and providing for the repeal of certain provisions upon expiration thereof 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 section 35-b to read as follows: 3 § 35-b. Moratorium on voluntary dissolution. Notwithstanding any other 4 provision of law, any urban rental company created pursuant to this 5 article and otherwise eligible to voluntarily dissolve pursuant to 6 section thirty-five of this article shall be prohibited from such 7 dissolution. 8 § 2. 1. Mitchell-Lama housing program study. New York State Homes and 9 Community Renewal, in consultation with the New York City Department of 10 Housing Preservation, shall execute a study on the preservation, 11 sustainability, reform, and growth of the Mitchell-Lama housing program, 12 including, but not limited to: 13 a. recommendations for the expansion of the Mitchell-Lama housing 14 program to address the affordable housing needs of New York's growing 15 population; 16 b. taxation and financing models to encourage housing developers to 17 participate in the Mitchell-Lama housing program; 18 c. adjusting the amount of time a company must remain in the Mitc- 19 hell-Lama housing program before it may voluntarily dissolve; 20 d. an analysis of current family income criteria used to determine 21 access to low- and middle-income housing; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04664-01-5 
 A. 1574 2 1 e. a determination of geographic areas of the state to best locate 2 potential Mitchell-Lama housing; 3 f. policy initiative responsive to the present and future needs of the 4 Mitchell-Lama housing program and of Mitchell-Lama developments owned by 5 urban rental or mutual companies; 6 g. the feasibility of methods to preserve and expand the inventory of 7 Mitchell-Lama housing relative to and within New York's other low- and 8 middle-income housing programs. 9 2. Preliminary and final study report. New York State Homes and Commu- 10 nity Renewal shall submit to the governor, the speaker and the minority 11 leader of the assembly, and the temporary president and the minority 12 leader of the senate a preliminary report with findings concerning the 13 Mitchell-Lama housing program within two years of the effective date of 14 this section. Four years after the effective date of this section, New 15 York State Homes and Community Renewal shall submit to the governor, the 16 speaker and minority leader of the assembly, and the temporary president 17 and minority leader of the senate a final report with recommendations 18 respecting the Mitchell-Lama housing program study. 19 3. Assistance. To the maximum extent possible, New York State Homes 20 and Community Renewal shall be entitled to request and receive, and 21 shall utilize and be provided with such facilities, resources, and data 22 from any state court, department, division, board, bureau, commission, 23 agency, or political subdivision that they may reasonably request to 24 properly execute their responsibilities pursuant to this act. 25 § 3. This act shall take effect immediately, provided, however, that 26 the provisions of section one of this act shall expire and be deemed 27 repealed five years after this act shall have become a law.