Cooperators United for Mitchell-Lama
The Mitchell-Lama Reform Bill becomes law!
CU4ML is one part of the three-organization coalition that makes up Mitchell-Lama United (MLU).
Together we successfully passed the Mitchell-Lama Reform Bill of 2021,
and it was signed into law by Gov. Kathy Hochul.
These new amendments to the Mitchell-Lama Law help protect tens of thousands of affordable cooperative apartments from privatization. They also include governance and voting reforms to increase transparency in Board operations and reduce corruption in voting.
- Raises privatization vote threshold to 80%
- Mandates open Board meetings so shareholders can be informed about and participate in the affairs of their co-op
- Mandates information-sharing by Boards regarding refinancing or dissolution (privatization) plans
- Enacts voting reforms to assure secret ballots and reduce corruption
Read more about how the bill amended the Mitchell-Lama Law in our flyer about these new provisions