New York A 8945: Directs condominium and cooperative housing associations to complete capital reserve studies

Bill Text

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A08945 Summary:

BILL NOA08945 

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SAME ASNo Same As

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SPONSORJackson

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COSPNSR

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MLTSPNSR

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Add §339-mm, RP L

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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.

Go to top A08945 Actions:

BILL NOA08945 

&nbsp

07/16/2025referred to housing

01/07/2026referred to housing

Go to topA08945 Committee&nbspVotes:

Go to topA08945 Floor&nbspVotes:

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

Go to topA08945 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8945

 2025-2026 Regular Sessions

 IN ASSEMBLY

 July 16, 2025
 ___________

 Introduced by M. of A. JACKSON -- read once and referred to the Commit-
 tee on Housing

 AN ACT to amend the real property law, in relation to directing condo-
 minium and cooperative housing associations to complete capital
 reserve studies

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

 1 Section 1. The real property law is amended by adding a new section
 2 339-mm to read as follows:
 3 § 339-mm. Capitol reserve study. 1. Any condominium or cooperative
 4 housing association created pursuant to this article shall undertake a
 5 capital reserve study, including a thirty-year funding plan, in order to
 6 ensure that the condominium or cooperative housing association has
 7 adequate reserve funds available to repair or replace the assets located
 8 on the property that the association is obligated to maintain without
 9 the need to create any special assessment or loan obligation. All capi-
 10 tal reserve studies shall be prepared in conformity with the latest
 11 edition of the national reserve study standards of the community associ-
 12 ations institute or similar standards by another recognized national
 13 organization.
 14 2. A capital reserve study conducted pursuant to this section shall be
 15 performed or overseen by a reserve specialist credentialed through the
 16 association of professional reserve analysts or an engineer or architect
 17 who is in good standing with the state. Such reserve study shall
 18 include, but not be limited to, the following:
 19 (a) the association's capital reserve fund balances;
 20 (b) the association's anticipated income and expenses;
 21 (c) an analysis of the physical status and of the common area compo-
 22 nents of the buildings and other common areas that the association is
 23 obligated to maintain;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11718-01-5

 A. 8945 2

 1 (d) the anticipated costs associated with the building maintenance, as
 2 well as the anticipated costs of repair or replacement of common build-
 3 ing components, which are necessary to maintain the structural integrity
 4 of the buildings and other common areas that the association is obli-
 5 gated to maintain;
 6 (e) a reasonable estimate of the cost of any future reserve studies,
 7 reserve study updates, or engineering reports;
 8 (f) a reasonable estimate of the costs associated with implementing
 9 any corrective maintenance;
 10 (g) a proposed thirty-year funding plan that establishes the adequate
 11 proposed capital reserve funding over a thirty-year period; and
 12 (h) any other information necessary to perform an analysis of the
 13 adequacy of the association's capital reserve funds relative to main-
 14 taining the structural integrity of buildings and common areas in which
 15 the association is obligated to maintain.
 16 3. Associations which have not undertaken a reserve study within five
 17 years of the effective date of this section shall undertake a reserve
 18 study within one year of this legislation going into effect. Associ-
 19 ations formed after the effective date of this section shall have two
 20 years after t