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NY A08760
Bill
Status
1/11/2022
Primary Sponsor
Steven Cymbrowitz
Click for details
AI Summary
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Department of Financial Services and Division of Housing and Community Renewal shall jointly conduct a study on liability, fire and casualty insurance costs and availability for affordable housing developments in New York state.
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Study must analyze factors that have increased insurance costs for affordable housing and factors that have limited insurers from offering coverage for these projects.
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Study must identify the potential impact over the next ten years of insurance costs and unavailability on affordable housing development and preservation, including projected reductions in units by region and the inability to develop in certain areas.
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Joint report with findings and recommendations for legislative and regulatory actions must be submitted to the governor and legislature within eleven months of the act's effective date.
Legislative Description
Directs the department of financial services and the division of housing and community renewal to conduct a study examining any increasing costs of liability, fire and casualty insurance premiums or any lack of availability of liability, fire and casualty insurance coverage for affordable housing.
Last Action
substituted by s7782
2/28/2022