NY A07839

Requires public housing authorities to file a physical needs assessment with the commissioner of housing and community renewal and with the temporary president of the senate and speaker of the assembly every five years.

Defines "physical needs assessment" as a periodic examination and evaluation of real estate to determine a long-term schedule and cost for replacement of major property components.

Establishes that physical needs assessments shall evaluate the viability of real estate to continue serving its intended purpose and serve as a foundational document for real estate management functions.

Identifies uses for physical needs assessments including determining replacement reserve schedules, developing preventative maintenance plans, performing due diligence for sales or financing, marketing strategy planning, budgeting, and obtaining grant support.

Takes effect immediately upon enactment.