New York A01715 amends the private housing finance law to impose a 75% transfer fee on the fair market value in the dissolution or sales of a rental.

New York A01715 amends the private housing finance law to require a transfer fee of 75% of the fair market value in the dissolution or sales of a rental project or mutual company. The proceeds from this transfer fee will be paid into a fund held by the New York City Housing Development Corporation and the New York State Housing Finance Agency. This fund will be used to subsidize the development, provide repair loans at zero percent interest, forgive a portion of repair loan principal annually, subsidize other limited profit housing companies, and develop other affordable housing.

New York A01715 amends the private housing finance law to impose a 75% transfer fee on the fair market value in the dissolution or sales of a rental.

New York A01715 amends the private housing finance law to require a transfer fee of 75% of the fair market value in the dissolution or sales of a rental project or mutual company. The proceeds from this transfer fee will be paid into a fund held by the New York City Housing Development Corporation and the New York State Housing Finance Agency. This fund will be used to subsidize the development, provide repair loans at zero percent interest, forgive a portion of repair loan principal annually, subsidize other limited profit housing companies, and develop other affordable housing.