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9 CRR-NY 1750.13NY-CRR

STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK

TITLE 9. EXECUTIVE DEPARTMENT

SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL

CHAPTER IV. STATE-ASSISTED HOUSING CONSTRUCTED BY PRIVATE ENTERPRISE

SUBCHAPTER E. DISSOLUTION OF LIMITED-PROFIT AND LIMITED-DIVIDEND HOUSING COMPANIES

PART 1750. VOLUNTARY DISSOLUTION

9 CRR-NY 1750.13

1750.13 Fees and application requirements.

(a)

A company organized under article 2 of the Private Housing Finance Law shall:

(1) submit a nonrefundable processing fee, payable to the State of New York, in the amount of $1,000 with the notice of intent required under section 1750.3 of this Part; and

(2) upon submission of the affidavit required under section 1750.5(d) of this Part, an additional fee of $1,500 plus a fee of $100 per unit in the project. In no event, however, shall the fee required under this paragraph exceed the sum of $5,000.

(b) No housing company seeking to dissolve a rental housing company may charge or assess any cost of complying with these requirements, including but not limited to the payment of fees provided herein and the cost of preparation of the documents required herein, to the operational or capital expenses of such housing company, nor shall such costs or charges in any way be reflected in any charge or rental increase for any of the residents of the housing development. An affidavit from the owner certifying compliance with this subsection must be filed with the notice of intent.

(c) A mutually owned housing company must submit with its notice of intent a certification that the following has been authorized by an affirmative vote of at least a majority of shareholders, counted on the basis of one vote per dwelling unit:

(1) preparation of a preliminary plan, the cost thereof not to exceed $100,000, to explore and explain to all shareholders the ramifications of dissolution of the mutual housing company, which vote shall be without the use of proxies; and

(2) preparation and submission to the Office of the Attorney General of a private cooperative or condominium plan.

(d) No housing company contract in relation carrying out any of the requirements of this Part shall make compensation contingent, either in whole or in part, on a specific outcome regarding dissolution of reconstitution.

9 CRR-NY 1750.13

Current through September 15, 2021

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