To enhance transparency, the legislation will require the board hold at least six public meetings each year. State law does not currently require the board to meet a certain minimum number of times a year. Shareholders are entitled to vote to elect the board and before certain other decisions are made concerning the building. Mitchell-Lama cooperatives are run by a board of directors, the representatives of which are elected by the shareholders, or residents, of the building. More than 100,000 New Yorkers live in Mitchell-Lama housing, which is overseen by both the City’s Department of Housing Preservation and Development and the State’s Division of Housing and Community Renewal. The Mitchell-Lama program was created by the Limited Profit Housing Act in 1955 to provide affordable rental and cooperative housing to moderate- and middle-income families. “This bill is intended to ensure open, transparent governance of Mitchell-Lama cooperatives to protect the rights of shareholder residents and the public interest in preserving affordable housing in Mitchell-Lama buildings that have been subsidized for decades,” said Senator Brian Kavanagh. “I thank all the Mitchell-Lama residents who organized and advocated so effectively for these important changes and for an affordable future for their homes, Assemblymember Rosenthal for her long-standing, forceful leadership on these issues, and all of our colleagues in both houses of the legislature who supported the bill.” It is vital that we stem the loss of Mitchell-Lama affordable housing to ensure that there is a place in our city for working-class New Yorkers and their families.” Rosenthal. “The Mitchell-Lama program is one of the state’s most successful affordable housing programs, but like so many other forms of affordable housing, we have lost too many units over the years to ill-advised privatization efforts.
It ensures that shareholders have a real say over what happens in their buildings and will help to preserve moderate- and middle-income housing for years to come,” said Assemblymember Linda B. “For far too long, many Mitchell-Lama shareholders have been treated as second-class residents in their own homes by over-empowered boards pursuing agendas that serve the interest of the few, not the majority.This vital legislation will restore the balance of power in Mitchell-Lama housing.
#Mitchell lama housing kofi annan series
The bill, once it becomes law, will implement a series of reforms around voting procedures, corporate governance and dissolution processes in Mitchell-Lama cooperative housing. Rosenthal (D/WF-Manhattan) and State Senator Brian Kavanagh (D-Manhattan and Brooklyn), today announced that their 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 for signature. Omnibus Bill Preserves Affordable Housing, Reforms Voting, Board Procedures and Rules Regarding Privatization, and Places Moratorium on Dissolution During COVID-19 Assemblymember Rosenthal & Senator Kavanagh Announce Passage of Major Reform for Mitchell-Lama Co-Ops
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