How does the buy-out process work?
DHCR has promulgated regulations to assure that all residents and the public receive full advance disclosure of plans to dissolve, that there is a smooth transition of management, and that the housing company complies with all legal requirements prior to dissolution. No earlier than 365 days prior to the anticipated date of dissolution, the housing company must apply to DHCR for permission to dissolve by submitting a “Notice of Intent.” The 365 day requirement, and others mentioned below, may be altered by DHCR depending on the unique circumstances of each housing development.
