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NY A03675
Bill
Status
Introduced
1/28/2021
Primary Sponsor
Steven Cymbrowitz
Click for details
AI Summary
- Amends the Private Housing Finance Law to add requirements when a limited-profit housing project is sold to a non-company entity
- Requires the new owner to hold all transferred reserve and surplus funds in escrow accounts dedicated solely to major capital improvements
- Prohibits the new owner from increasing rents to cover major capital improvement costs until all escrowed reserve and surplus funds have been fully expended
- Takes effect on January 1 following enactment
Legislative Description
Provides that upon sale or other conveyance of a limited-profit housing company project to an entity other than a new limited-profit housing company, reserve and surplus funds must be held in escrow by the new owner and dedicated solely to defraying the costs of major capital improvements; provides that no rental may be increased to cover the cost of a major capital improvement until such reserve and surplus funds have been exhausted.
Last Action
referred to housing
1/5/2022
Committee Referrals
Housing1/28/2021
Full Bill Text
No bill text available