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 first sale or dissolution of Mitchell-Lama rental projects or mutual companies, paid by sellers after 20 years of occupancy. The fee applies to owners selling or dissolving these housing developments and funds a dedicated New York City/State housing fund. Proceeds must subsidize existing Mitchell-Lama projects, convert properties to limited-profit mutual companies with 99-year leases, fund zero-interest repair loans, and support other affordable housing developments. It directly affects owners of older Mitchell-Lama housing seeking to sell or dissolve their properties.