New York S 2002: Provides that upon sale of a limited-profit housing company project, reserve and surplus funds must be held in escrow and dedicated to major capital improvements

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S02002 Summary:

BILL NOS02002 

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SAME ASSAME AS A01787

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SPONSORKRUEGER

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COSPNSRBAILEY, HOYLMAN-SIGAL, LIU, RIVERA, SEPULVEDA, SERRANO

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MLTSPNSR

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Add §36-b, Priv Hous Fin L

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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.

Go to top S02002 Actions:

BILL NOS02002 

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01/14/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

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

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Go to topS02002 Floor&nbspVotes:

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

Go to topS02002 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2002

 2025-2026 Regular Sessions

 IN SENATE

 January 14, 2025
 ___________

 Introduced by Sens. KRUEGER, BAILEY, HOYLMAN-SIGAL, LIU, RIVERA,
 SEPULVEDA, SERRANO -- read twice and ordered printed, and when printed
 to be committed to the Committee on Housing, Construction and Communi-
 ty Development

 AN ACT to amend the private housing finance law, in relation to the sale
 of limited-profit housing projects

 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 36-b to read as follows:
 3 § 36-b. Sale or other conveyance of project. Notwithstanding any
 4 inconsistent provision of law, upon the sale or other conveyance of a
 5 project by a company to any entity other than a company, the following
 6 requirements shall apply.
 7 1. All reserve and surplus funds transferred by the company to the new
 8 owner must be held by such new owner in escrow accounts and may be used
 9 by such new owner solely for the purpose of making major capital
 10 improvements to the project.
 11 2. No rental or other charge may be increased by the new owner to
 12 defray the cost of any major capital improvement unless and until all of
 13 such reserve and surplus funds have been expended to defray the cost of
 14 major capital improvements.
 15 § 2. This act shall take effect on the first of January next succeed-
 16 ing the date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04618-01-5

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