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NY S07600
Bill
Status
4/23/2025
Primary Sponsor
Siela Bynoe
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 reserves for repairs and replacements without special assessments or loans
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Studies must be prepared by credentialed reserve specialists, licensed architects, or engineers and must include fund balances, anticipated income/expenses, physical condition assessments, maintenance costs, and proposed funding plans
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Existing associations without a reserve study in the past 5 years must complete one within 1 year; new associations have 2 years after electing a majority 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; those requiring less than 10% increases must do so within 3 fiscal years
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Capital reserve studies must be filed with the Attorney General within 60 days of completion, with the AG having authority to audit documents 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 attorney general.
Last Action
REFERRED TO JUDICIARY
1/7/2026