New York S00560 mandates a 75% transfer fee on the fair market value for dissolution or sales of rental projects or mutual companies.

New York S00560 amends the private housing finance law to establish a 75% transfer fee on the fair market value for the dissolution or sales of rental projects or mutual companies. This fee applies to companies aided by loans made after May 1, 1959, and must be paid not less than twenty years after the occupancy date. The proceeds from these fees are directed to a fund held by the New York City Housing Development Corporation and the New York State Housing Finance Agency.

New York S00560 mandates a 75% transfer fee on the fair market value for dissolution or sales of rental projects or mutual companies.

New York S00560 amends the private housing finance law to establish a 75% transfer fee on the fair market value for the dissolution or sales of rental projects or mutual companies. This fee applies to companies aided by loans made after May 1, 1959, and must be paid not less than twenty years after the occupancy date. The proceeds from these fees are directed to a fund held by the New York City Housing Development Corporation and the New York State Housing Finance Agency.