After 10 years of hard work, the Nassau County Legislature passed the REALTORS® bill, Local law 489-19: A Law to Require Cooperative Housing Corporations to take timely action upon applications by prospective purchasers. This states that co-op board must acknowledge receipt of a co-op application within 15 days, and respond to an applicant within 45 days. Failure to respond to applicants shall result in a financial penalty (up to $2000).  Nassau lawmakers approved the bill at the Nassau County Full Legislature and Rules Committee Meeting on December 16, 2019 by a vote of 16-1.

For many first-time homebuyers on Long Island, a Co-Op is the most attractive option because of its affordability. This legislation will help ensure that those transactions are not faced with delays that could jeopardize a prospective buyer’s ability to obtain financing in a timely manner.

Attainability continues to be a challenge on Long Island. Having a set timeline in place will protect potential buyers from fees and penalties that could result from prolonged delays. For these reasons, the Long Island Board of REALTORS® (LIBOR) fully supported this legislation and applauds the county legislature for its passing.

We thank the Presiding Officer and all the members of the County Legislature who worked with our association membership and staff on this bipartisan legislation. Fairness in the process, means fair housing for all!