Section 26-802. Notification of impending conversion

(a) Notice shall be
  provided by the owner  to  the  tenant  association,  or  if  no  tenant
  association  exists,  to  each  tenant,  and  to  the  department of the
  intention of the owner to take  any  action  that  will  result  in  the
  conversion of the assisted rental housing.
    (b)  Such notice shall be provided no less than twelve months prior to
  the taking of such action by the owner. Such notice  shall  include  the
  following information:
    (1) The name and address of each owner of the assisted rental housing.
  For  any owner that is a corporation, the notice shall contain the names
  and addresses of the officers and directors of the  corporation  and  of
  any  person  directly or indirectly holding more than ten percent of any
  class of the outstanding stock of the corporation. For any owner that is
  a partnership or joint venture, the notice shall contain  the  name  and
  address  of  each  individual who is a principal or exercises control of
  such entities.
    (2) The address and/or addresses and the  name  and/or  names  of  the
  assisted rental housing and the type of program or programs to which the
  assisted rental housing is subject;
    (3)  The nature of the action that the owner intends to take that will
  result in a conversion;
    (4) The date on which such  action  resulting  in  the  conversion  is
  anticipated to take place;
    (5)  The  provision  of law, rule or regulation pursuant to which such
  action is authorized;
    (6) The  total  number  and  type  of  dwelling  units  subject  to  a
  conversion;
    (7)  The  current  rent  schedule for the dwelling units along with an
  estimation of the rent increases anticipated upon conversion;
    (8) The income and expense report for the twelve-month period prior to
  the notice including capital improvements, real property taxes and other
  municipal charges;
    (9) The amount of the outstanding mortgage  as  of  the  date  of  the
  notice;
    (10)  The  two  most  recent  inspection  reports from the real estate
  assessment center of the United States department of housing  and  urban
  development,  for  the  assisted  rental  housing  or  group of multiple
  dwelling units operated together under the same ownership for which such
  inspection reports are required, or, the reports of the two most  recent
  comprehensive  building-wide  inspection  reports  that  may  have  been
  conducted by the department or by the New York state division of housing
  and community renewal;
    (11) A statement of notice in a  manner  approved  by  the  department
  which  advises a tenant association, or if no tenant association exists,
  advises each tenant, of the first opportunity to purchase as required by
  section 26-806 of this chapter, or of the right  of  first  refusal,  as
  required by section 26-805 of this chapter;
    (12) Such other information the department may require.
    (c)  During  the  twelve-month  notification  period  provided  for in
  subdivision b of this section the owner may not sell or contract to sell
  the assisted rental housing, but may engage  in  such  discussions  with
  other interested parties.
    (d)  Notice  shall not be required of an owner who intends to maintain
  the property as assisted rental housing or intends to transfer, lease or
  refinance a mortgage in order  to  maintain  the  property  as  assisted
  rental housing.
    (e)  Where an owner decides not to convert the assisted rental housing
  program, such owner may withdraw the notice of intention to convert  the

  assisted  rental  housing  program, subject to the terms of any accepted
  offer to purchase or  executed  purchase  and  sale  agreement,  and  to
  existing  statutory  and  common  law remedies. In such event, the owner
  shall give notice to the tenant association, or if no tenant association
  exists,  to each tenant, or if applicable, to a qualified entity, and to
  the department. However, should the owner at any time decide to take  an
  action that will result in conversion, the twelve-month notice period of
  this  section  as  well  as  all  other  applicable requirements of this
  chapter shall be complied with.
    (f) Notwithstanding any of the above, if  any  applicable  supervening
  statute or program has a notice requirement substantially similar to any
  notice  requirement  of  this section, then the notice requirement under
  this section shall be that of the supervening statute or program.
    (g) Notwithstanding any of the above, if the notices required by  this
  section  requires  more  information  than is required by any applicable
  supervening city,  state  or  federal  statute  or  program,  then  such
  additional   information  shall  be  provided  within  the  time  period
  established by the supervening statute or program.