NY A03675 | 2021-2022 | General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 28 2021 - 25% progression, died in committee
Action: 2022-01-05 - referred to housing
Pending: Assembly Housing Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 28 2021 - 25% progression, died in committee
Action: 2022-01-05 - referred to housing
Pending: Assembly Housing Committee
Text: Latest bill text (Introduced) [HTML]
Summary
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.
Title
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.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2022-01-05 | Assembly | referred to housing |
| 2021-01-28 | Assembly | referred to housing |
Same As/Similar To
S01337 (Same As) 2022-01-05 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
