Requires a uniform processes for considering applications to purchase condominiums or cooperatives

This bill requires all residential cooperative housing corporations in New York to establish standardized, written processes for reviewing applications from potential buyers seeking to purchase shares or leases. It mandates that co-ops provide written acknowledgment of applications within 21 days, detail any missing requirements, and notify applicants within 90 days whether their purchase is approved or denied - including specific reasons for denials. If a co-op fails to provide written notice within 90 days, the sale is automatically approved. The law applies directly to co-op boards and affects prospective buyers, sellers, and their real estate agents by creating clear timelines and transparency in the purchasing process.