NY A10714

Extends the term for outstanding municipal real estate tax arrears payment from 30 to 40 years for housing development fund companies.

Requires suspended tax arrears to be subordinated to any loans obtained by housing development fund corporations for allowable purposes.

Increases the minimum annual maintenance charge requirement from an unspecified amount to a minimum of two percent per year.

Prohibits regulatory agreements from requiring monitors approved by the commissioner, imposing sales caps, requiring approved management companies, or restricting shareholder asset limits at 175% of area median income.

Prohibits regulatory agreements from requiring shareholders to vacate units when inheriting nearby property, demonstrating residency exceeding 183 days annually, or conducting dwelling unit sales through agency housing portals.