Provides for a transfer fee of 75% of the fair market value in dissolution or sales of a rental project or mutual company

This bill requires a 75% transfer fee on the market value when rental housing projects or mutual companies (after 20 years of occupancy) are sold or dissolved. It directly affects owners of these properties by mandating this fee payment upon sale or dissolution. The collected fees fund a dedicated housing program to subsidize existing affordable housing developments, provide zero-interest repair loans, convert projects to tenant-owned models, and support new affordable housing initiatives. The funds are managed by New York City and State housing agencies to maintain affordability and support tenant ownership.