Bill 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; further 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.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03363 Detail]

Text: Latest bill text (Introduced) [HTML]

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