Guess What's On The Governor's Desk

The Loft Law will be renewed as soon as the Governor signs the bill which landed on his desk yesterday.

The proposed renewal statute (Assembly Bill A05667, Senate Bill S5881) would broaden the definition of an interim multiple dwelling (IMD) in a way that would include many additional commercial, manufacturing and warehouse buildings. Currently, the Loft Law provides that such a building must be residentially occupied by three or more separate individuals or families (in three or more separate units) during the "window period" of April 1, 1980 to December 1, 1981. The new law would provide that such a building must be residentially occupied by two or more individuals or families (in two or more separate units) for 12 consecutive months during the window period of January 1, 2008 to December 31, 2009.

The proposed law would cover the new generation of loft tenants currently living in neighborhoods such as Williamsburg, Greenpoint and Long Island City.

The proposed law also grants an extension of time to owners of buildings currently under the Loft Board's jurisdiction (about 300 buildings). These owners must comply with Multiple Dwelling Law Article 7-B on or before May 1, 2012 (extended from May 1, 2010) and obtain a residential Certificate of Occupancy by May 31, 2012 (extended from May 31, 2010).