New York bills · 2025 Regular Session
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
- Introduced
- In committee
- Passed Senate
- Passed House
- To Governor
- Became law
Sponsors
- Liz Krueger (Democratic/Working Families)
Cosponsors (6)
- Jamaal Bailey (Democratic/Working Families)
- Brad Hoylman-Sigal
- John Liu (Democratic)
- Gustavo Rivera (Democratic/Working Families)
- Luis R. Sepúlveda (Democratic)
- José M. Serrano (Democratic/Working Families)
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.
Text versions
Roll-call votes
No recorded votes on this bill.
Actions
- Jan 7, 2026 · Senate
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT - Jan 14, 2025 · Senate
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT