New York S 6263: Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state

Bill Text

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S06263 Summary:

BILL NOS06263 

&nbsp

SAME ASSAME AS A01791

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SPONSORGRIFFO

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §615, Priv Hous Fin L

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Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

Go to top S06263 Actions:

BILL NOS06263 

&nbsp

03/07/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

05/12/20251ST REPORT CAL.981

05/13/20252ND REPORT CAL.

05/14/2025ADVANCED TO THIRD READING 

06/13/2025COMMITTED TO RULES

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

05/04/20261ST REPORT CAL.890

05/05/20262ND REPORT CAL.

05/06/2026ADVANCED TO THIRD READING 

06/03/2026PASSED SENATE

06/03/2026DELIVERED TO ASSEMBLY

06/03/2026referred to housing

Go to topS06263 Committee&nbspVotes:

Go to topS06263 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06263 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6263

 2025-2026 Regular Sessions

 IN SENATE

 March 7, 2025
 ___________

 Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to amend the private housing finance law, in relation to requir-
 ing certain out-of-state affordable housing owners to maintain an
 escrow account for affordable housing rental units located in New York
 state

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The private housing finance law is amended by adding a new
 2 section 615 to read as follows:
 3 § 615. Out-of-state affordable housing owner escrow account. 1. For
 4 the purposes of this section, the following terms shall have the follow-
 5 ing meanings:
 6 (a) "HUD" shall mean the federal department of housing and urban
 7 development.
 8 (b) "Out-of-state affordable housing owner" shall mean an affordable
 9 housing development company that:
 10 (i) is located outside of New York state;
 11 (ii) owns twenty or more affordable housing rental units located in
 12 New York state; and
 13 (iii) receives federal funding pursuant to a HUD-administered program
 14 or initiative.
 15 2. (a) Every out-of-state affordable housing owner shall maintain an
 16 escrow account, held by a bank or licensed lender, as such terms are
 17 defined by section two of the banking law, for the purpose of financing
 18 utility costs, tax obligations, fire services, and regular maintenance
 19 costs for affordable housing rental units located in New York state.
 20 (b) Such escrow account shall contain:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04486-01-5

 S. 6263 2

 1 (i) fifty percent of such owner's property tax obligations for afford-
 2 able housing rental units located in New York state for the prior tax
 3 year;
 4 (ii) fifty percent of utility costs and regular maintenance costs for
 5 affordable housing rental units located in New York state for the previ-
 6 ous twelve months; and
 7 (iii) an amount sufficient to cover any potential fire services, as
 8 determined by the commissioner.
 9 § 2. This act shall take effect on the sixtieth day after it shall
 10 have become a law.

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