Amendments to the New York State Private Housing Finance Law (PHFL) were recently signed into law by Governor Hochul and are now in effect.
Among other things, the modifications to the PHFL impact:
The following “FAQ’s” regarding the law were developed by HPD and the NYS Division of Housing and Community Renewal.
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