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New York bills · 2025 Regular Session

New York A 1787

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

  1. Introduced
  2. In committee
  3. Passed House
  4. Passed Senate
  5. To Governor
  6. Became law

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Summary

Official abstract published by the New York legislature

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.

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Roll-call votes

No recorded votes on this bill.

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