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NY A08945
Bill
Status
7/16/2025
Primary Sponsor
Chantel Jackson
Click for details
AI Summary
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Requires all condominium and cooperative housing associations to complete capital reserve studies with 30-year funding plans to ensure adequate funds for property repairs and replacements without special assessments or loans
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Studies must be performed by credentialed reserve specialists, licensed architects, or engineers and include analysis of reserve fund balances, physical status of common areas, anticipated maintenance costs, and proposed funding plans
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Existing associations without a recent study must complete one within 1 year of the law taking effect; new associations have 2 years after electing a board of managers
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Associations with inadequate reserves requiring more than 10% assessment increases must correct the deficiency within 10 fiscal years through equal annual funding increases; deficiencies requiring less than 10% increases must be corrected within 3 years
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Completed studies must be filed with the State Comptroller within 60 days, and the Comptroller has authority to review, audit, and compel compliance; exempts associations with less than $25,000 in common area capital assets
Legislative Description
Directs condominium and cooperative housing associations to complete capital reserve studies, including a thirty-year funding plan, in order to ensure that the condominium or cooperative housing association has adequate reserve funds available to repair or replace the assets located on the property that the association is obligated to maintain without the need to create any special assessment or loan obligation; specifies the content of the study; requires the study to be filed with the state comptroller.
Last Action
referred to housing
1/7/2026