Assemblywoman Stacey Amato announced that her bill, A.7671/S.7026, has been signed into law by Governor Cuomo. This bill enables Mitchell-Lama co-op apartment shareholders to apply their existing equity toward a new apartment, whether they are upsizing or downsizing. When relocating to a smaller or larger apartment, former policy in certain co-ops did not allow shareholders to contribute their existing equity to a new unit. This law brings uniformed standards to the Mitchell-Lama program for dwellers who want to move into a new unit within their existing complex. Senator Brian Kavanagh sponsored the bill in the Senate.
“I’ve lived in a Mitchell-Lama co-op for over 30 years, and I have witnessed firsthand the effects of outdated policy on shareholders. This is just the start of reforms that we need,” Amato said. “This bill ensures that shareholders are not kept in the dark about how much the downsizing or upsizing process costs. If you work hard, pay your maintenance, and build equity the right way, then you should be able to access your equity, and understand exactly how much it applies to your new unit. I would like to thank the Mitchell Lama advocates who have worked with me on this, the many residents of Dayton Towers and Dayton Beach Park who brought their concerns to my office, and Senator Kavanagh for successfully moving this bill through the Senate. We must continue the work and ensure that Mitchell-Lama co-ops remain as a source of affordable and equitable home ownership.”
Cuomo signed this bill on July 16, and it has now become law. Any shareholder who requests a written statement of their shares and equity in the building must now be provided with one.
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