Loading chat...
NY A01787
Bill
Status
1/14/2025
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
-
Requires that when a limited-profit housing project is sold to an entity other than another limited-profit housing company, all reserve and surplus funds must be transferred and held in escrow by the new owner
-
Restricts the use of transferred reserve and surplus funds solely for major capital improvements to the project
-
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 exhausted
-
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
1/7/2026