This article shall be known as "The Timely Co-op Application
Decision Law."
The purpose of this article is to require housing cooperatives
to take timely action upon receipt of applications by prospective
purchasers.
As used in this article, the following terms shall have the
meanings indicated:
[Added 2-16-2022 by L.L. No. 4-2022]
Housing cooperative applications must disclose the following
information in a clear and concise manner:
A. All application-related
timelines; and
B. Any minimum
financial qualifications that a prospective applicant must meet to
qualify.
C. If a housing cooperative does not have any mandatory financial qualifications under Subsection
B, the housing cooperative must provide, at a minimum, the housing cooperative's preferred minimum income, total assets, and credit score and preferred debt-to-income ratio and percentage of purchase price being financed, noting that the governing board may exercise discretion in weighing factors when making its final determination on an application.
[Added 2-16-2022 by L.L. No. 4-2022]
A. In the
case of a rejection, the written notice provided by the housing cooperative
to the applicant shall include sufficient detail to fully inform the
applicant of the reason or reasons for rejection including, but not
limited to, the reason or reasons the application did not meet the
minimum financial qualifications and/or any other determinative factors.
B. Rejection of an applicant based on discrimination, as defined in §
261-2 of the Rockland County Fair Housing Law, is prohibited and any aggrieved person may file a claim pursuant to §
261-3 of the FHL.
C. Rejection of an application after failure to provide the required disclosures, pursuant to §
289-12, may constitute prima facie evidence of discrimination in a claim filed under §
261-3 of the FHL.
This article shall be null and void on the day that statewide
or federal legislation goes into effect that incorporates either the
same or substantially the same provisions as are contained in this
article, or in the event that a pertinent state or federal administrative
agency issues and promulgates regulations preempting such action by
the County of Rockland.
If any clause, sentence, paragraph, subdivision, section or
part of this article or the application thereof to any person, individual,
corporation, firm, partnership, entity or circumstance shall be adjudged
by any court of competent jurisdiction to be invalid or unconstitutional,
such order or judgment shall not affect, impair, effect or invalidate
the remainder thereof, but shall be confined in its operation to the
clause, sentence, paragraph, subdivision, section or part of this
article or in its application to the person, individual, corporation,
firm, partnership, entity or circumstance directly involved in the
controversy in which such order or judgment shall be rendered.
This article shall take effect 90 days after it is filed with
the New York State Secretary of State.