NY A09628

Requires out-of-state affordable housing owners to maintain an escrow account with a bank or licensed lender for affordable housing rental units in New York State.

Applies to companies located outside New York State that own 20 or more affordable housing rental units in the state and receive federal HUD-administered funding.

Escrow account must contain 50% of prior year property tax obligations for the New York affordable housing units.

Escrow account must contain 50% of utility costs and regular maintenance costs from the previous 12 months for the New York affordable housing units.

Escrow account must also hold an amount determined by the commissioner to cover potential fire services costs.