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A03353 Summary:

COSPNSRClark, Forrest, Mamdani, Anderson, Gallagher, Seawright, Epstein, Carroll, Reyes, Aubry, Jackson, Simon, Rosenthal L, Meeks, Kelles, Gonzalez-Rojas, Bronson, Colton, Fahy, Burgos, Steck, Dinowitz, Gibbs, De Los Santos, Cunningham, Cruz, Shrestha, Burdick, Simone, Ardila, Raga, O'Donnell, Zinerman, Bores, Kim, Shimsky, Glick, Tapia, Walker, Chandler-Waterman, Alvarez, Zaccaro, Lee, Solages, Bichotte Hermelyn, Davila, Lupardo, Jacobson
Add Art 7-D §§799 - 799-w, RPAP L
Establishes the "tenant opportunity to purchase act"; prevents the displacement of lower-income tenants in New York and preserves affordable housing by providing an opportunity for tenants to own or remain renters in the properties in which they reside.
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A03353 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
SPONSOR: Mitaynes
  TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to establishing the tenant opportunity to purchase act   PURPOSE: This bill establishes a comprehensive procedure that allows tenants either acting individually or as a group to purchase the buildings in which they are renters at a price that is fair to the seller and purchaser.   SUMMARY OF PROVISIONS: Section 1. Short title. § 2. Legislative Findings § 3. The real property actions and proceedings law is amended by adding a new article 7-C, entitled Tenant Opportunity to Purchase Act § 799. Definitions. 1."AMI" or "area median income" 2."Appraised value" 3."Bona fide offer of sale" 4."CPI" or consumer price index" 5."Community land trust" 5-a. "Days" 6."Governing document" 7."Governing principles" 8. "HCR" 9."Highest and best use" 10. "Limited equity housing cooperative" 11. "Majority" 12. "Matter-of-right" 13. "Owner" 14. "Permanent affordability" 15. "Purchase contract" 16. "Qualified purchaser" 17. "Rent" 18. "Rental agreement" 19. "Rental housing accommodation" 20. "Rental Unit" or "unit" 21."Sale" or "sell" 22. "Single family home" 23. "Supportive partner" 24. "Tenant" 25. "Tenant household" 26. "Tenant-occupied unit" 27. "Tenant organization" 28. "Third-party purchaser" 29. "TOPA buyer" 30. "Under threat of eminent domain" § 799 - a. Authority. § 799 - b. Applicability. § 799 -Exemptions. 1.Residential property types exempted. 2.Transfers exempted. 3.Exemption procedures and burden of proof. 4.Voluntary election to participate. § 799 - d. First right to purchase. § 799 - e. Tenant decision-making; tenant organizations. 1. Tenant decision-making. 2. Tenant organizations. § 799 - f. Qualified Purchasers. 1.Qualified purchaser criteria. 2.Certification, term, and renewal. 3.Existence and publication of qualified organization list. 4.Disqualification of qualified purchaser and conflicts of interest. § 799 - g. Supportive partners. 1.Supportive partner criteria. 2.Certification, term, and renewal. § 799 - h. Assignment of rights. § 799 - i. Waiver of Rights. § 799 - j. Notice Requirements. § 799 - k. Right of first offer. 1,General Construction. 2.Joint notification. 3.Related disclosures. 4.Time to submit a statement of interest. 5.Time to submit offer. 6.Owner free to accept or reject offer. 7.Time to secure financing. § 799 - l. Right of first refusal. § 799 - m. Third-party rights. § 799 - n. Right to appraisal. § 799 - o. Purchase contract negotiation. § 799 - p. No selling of rights. § 799 - q. Tenant protections. § 799 - r. Price stabilization. § 799 - s. Incentives. § 799 - t. Enforcement. § 799 - u. Statutory construction. § 799 - v. Administration and reports. § 799 - w. Severability (P. 45) § 4. This act shall take effect on the 180th day after it shall have become a law.   JUSTIFICATION: Giving tenants an opportunity to purchase the buildings in which they are tenants will stabilize the housing market in New York at prices that are affordable to working people. Affordable housing and price stabili- zation provisions will help address our worsening homelessness crisis, reduce housing inflation and address the worst aspects of gentrification while allowing sellers to get a fair price for their property if they wish to sell as well as permitting purchasers to enjoy a reasonable profit from their investment.   LEGISLATIVE HISTORY: A.5971 of 2021-2022 (Mitaynes)   FISCAL IMPLICATIONS: Not yet determined.   EFFECTIVE DATE: This statute is effective 180 days after it becomes law.
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