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NY A04724
Bill
Status
2/23/2023
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Amends the Private Housing Finance Law to require reserve and surplus funds transferred during the sale of a limited-profit housing project to a non-company entity be held in escrow accounts by the new owner.
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Restricts use of escrowed reserve and surplus funds solely to funding major capital improvements to the project.
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Prohibits the new owner from increasing rents or other charges to cover major capital improvement costs until all escrowed reserve and surplus funds have been fully expended.
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Takes effect on January 1st 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
1/3/2024