Requires companies aided by loans under Mitchell-Lama to notify tenants of potential buyouts from mortgages.

New York Assembly Bill A01553 amends the private housing finance law to require companies aided by loans under Mitchell-Lama to notify tenants of housing projects of any potential buyout from mortgages at least twelve months prior to the proposed dissolution. The notice must include the nature of the action, the anticipated date, the applicable laws, and a summary of potential consequences, including expenses and rent increases. The commissioner or supervising agency must prepare a report detailing the effects on ownership, supervision, expenses, rents, and necessary governmental approvals.

Requires companies aided by loans under Mitchell-Lama to notify tenants of potential buyouts from mortgages.

New York Assembly Bill A01553 amends the private housing finance law to require companies aided by loans under Mitchell-Lama to notify tenants of housing projects of any potential buyout from mortgages at least twelve months prior to the proposed dissolution. The notice must include the nature of the action, the anticipated date, the applicable laws, and a summary of potential consequences, including expenses and rent increases. The commissioner or supervising agency must prepare a report detailing the effects on ownership, supervision, expenses, rents, and necessary governmental approvals.