Expands eligibility for housing conversions to include certain cooperative or limited-profit housing companies in New York City.

This bill amends the general business law to include certain cooperative or limited-profit housing companies for conversions to cooperative or condominium ownership in New York City. Specifically, it modifies the definition of a covered plan to include such housing companies. This change aims to facilitate conversions for these entities, ensuring they can transition to cooperative or condominium ownership under the same conditions as other eligible buildings. The bill takes effect immediately upon enactment.

Expands eligibility for housing conversions to include certain cooperative or limited-profit housing companies in New York City.

This bill amends the general business law to include certain cooperative or limited-profit housing companies for conversions to cooperative or condominium ownership in New York City. Specifically, it modifies the definition of a covered plan to include such housing companies. This change aims to facilitate conversions for these entities, ensuring they can transition to cooperative or condominium ownership under the same conditions as other eligible buildings. The bill takes effect immediately upon enactment.