Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded.

This bill relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York. It 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. It outlines the requirements for a preservation plan, including the establishment of a reserve fund and dedicated capital fund, and the rights of tenants and non-purchasing tenants.

Relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York; provides expanded.

This bill relates to the conversion to condominium ownership for the preservation of expiring affordable housing in the city of New York. It 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. It outlines the requirements for a preservation plan, including the establishment of a reserve fund and dedicated capital fund, and the rights of tenants and non-purchasing tenants.