NY A01791

Requires out-of-state affordable housing development companies that own 20 or more affordable housing rental units in New York and receive federal HUD funding to maintain an escrow account with a bank or licensed lender

Escrow account must contain 50% of the owner's property tax obligations for their New York affordable housing units from the prior tax year

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

Account must include an amount sufficient to cover potential fire services, as determined by the commissioner

Takes effect 60 days after becoming law