Prohibits pre-payment penalties for mortgages secured by real property owned in a cooperative form of ownership where over fifty percent of the units are shareholder occupied.
Enacts "Shavon's law" prohibiting enforcement of a lien where an occupant has a pending social services department storage fee assistance request or appeal; provides the necessary steps for ensuring such enforcement is paused.
Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.
This bill increases the homestead exemption value - protecting home equity from civil judgments - from $150,000 to $250,000 for homeowners in New York City boroughs, Nassau, Suffolk, and surrounding counties. For other counties, it raises the exemption to $125,000 (Dutchess, Albany, etc.) and $75,000 for remaining areas. If a home’s value exceeds these limits, creditors can claim the surplus value after the exemption amount is protected. The law directly affects homeowners in New York State who face civil judgments, ensuring more home equity remains shielded from debt collection.
Provides for adjustment of the maximum income threshold for eligibility for the senior citizen rent increase exemption (SCRIE), disability rent increase exemption (DRIE), senior citizen homeowners' exemption (SCHE), and disabled homeowners' exemption (DHE) by any increase in the consumer price index (CPI).
Relates to establishing a maximum rent of one-third of household income for the senior citizens rent increase exemption and disability rent increase exemption.
Enacts the "sustainable affordable housing and sprawl prevention act"; exempts or limits environmental review under SEQR for the construction of certain new residential units to avoid creating unnecessary housing sprawl; limits certain rights to action under SEQR; makes related provisions.
Extends the effectiveness of the authority of the town of Red Hook to impose real estate transfer taxes and to deposit revenue from such taxes into a community preservation fund.
Establishes the homeowner protection program; provides that the department of law shall establish the homeowner protection program to ensure the availability of free housing counseling and legal services to homeowners for the purposes of mitigating threats to homeownership; provides that the department of law shall provide grants to eligible not-for-profit housing counseling organizations and legal services organizations to provide services under the program.
Establishes a co-shelter toolkit of best practices, resources, case studies and other information deemed helpful to inform and encourage the implementation and sustenance of co-shelter models for victims of domestic violence and people experiencing homelessness with companion animals; makes related provisions.
