Mitchell-Lama reform bill (A.7272/S.6412) has passed both the New York State Assembly and Senate and now heads to the Governor’s desk. Once signed, here are some of the changes that Mitchell-Lama Coop Boards and their managers need to know:
- the board must hold at least six public meetings each year.
- proxy voting is eliminated and replaced with an absentee ballot system.
- dissolution will be a lot tougher because the threshold needed to voluntarily dissolve will be 80% of all dwelling units and back-to-back dissolution votes cannot be held, because there will be a five-year moratorium following a failed dissolution vote.
- Finally, any and all formal steps toward privatization can’t take place until the last of the Executive Orders related to the COVID-19 state of emergency expires or is rescinded.
Read more here.
