PHFL Information - HPD

Housing Preservation & Development


PHFL Information


2022 Mitchell-Lama Amendments to PHFL

Amendments to the New York State Private Housing Finance Law (PHFL) were recently signed into law by Governor Hochul and are now in effect.

Chapter 749 (2021 N.Y. AB 7272), “chaptered” as of December 22, 2021

Chapter 167 (2022 N.Y. SB 7830), “chaptered” as of March 18, 2022

Among other things, the modifications to the PHFL impact:

Voting, election and referendum procedures;

Requirements applicable to housing companies considering exiting the Mitchell-Lama program via dissolution and/or reconstitution; and

The duties of boards of directors of Mitchell-Lama cooperatives as to the conduct of meetings and maintaining a public record of board resolutions.

The following “FAQ’s” regarding the law were developed by HPD and the NYS Division of Housing and Community Renewal.

FAQ’s

All managing agents and housing company attorneys working with Mitchell-Lama cooperatives must ensure their co-ops’ boards of directors understand and comply with the new PHFL requirements