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Please be advised that the New York City Council overrode Mayor Adams’ veto of the so-called “timing bill,” formally known as Intro. 1120-A. This legislation had been pending before the City Council for nearly eight years and was originally passed in December 2025 by an overwhelming majority of the Council. With the override of the Mayor’s veto, Intro. 1120-A is now law and will have a significant and immediate impact on the manner in which cooperative boards process and respond to purchase applications.
Intro. 1120-A establishes mandatory deadlines governing cooperative board responses to completed purchase applications. The legislation was enacted to address prolonged delays and lack of transparency in the application review process. Among its key provisions: a cooperative board must respond within forty-five (45) days of receiving a completed application. The response may be: an approval. The statutory timeline does not begin until the board has received all documents and information required by its application package. Boards should ensure that their application requirements are clearly defined and consistently applied. If a board requests additional materials within the 45-day period, the timeline is tolled until the requested information is received, at which point the board must act within the remaining time. Boards are required to communicate their determinations in writing, thereby formalizing the application review process and reducing ambiguity for prospective purchasers. The law applies to cooperative housing corporations located within New York City and does not alter existing substantive standards for approval or rejection—only the timing and procedural requirements.
This legislation will require boards and managing agents to: review and possibly revise application procedures and internal workflows; closely track submission dates and response deadlines; coordinate more efficiently with managing agents, counsel, and interview committees; and ensure that delays—intentional or inadvertent—do not result in statutory noncompliance.
Failure to adhere to these timelines will expose your Cooperative to monetary penalties. We strongly urge all boards, managing agents, and professionals serving cooperative housing corporations to carefully review the text of the legislation and assess its impact on their existing practices.
Please feel free to contact Hankin & Mazel with any questions regarding compliance, implementation strategies, or revisions to your cooperative’s application procedures.
LINK TO STATUTE
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