NY S08828

Amends the Private Housing Finance Law to require out-of-state affordable housing owners to maintain an escrow account held by a bank or licensed lender.

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

Escrow accounts must contain 50% of prior year property tax obligations for New York affordable housing units, 50% of prior 12 months utility and maintenance costs, and an amount for fire services as determined by the commissioner.

Funds are designated for utility costs, tax obligations, fire services, and regular maintenance of affordable housing rental units located in New York State.

Takes effect 60 days after becoming law.