S1734 (2023-24 session)
NY State bill
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 of a limited-profit housing company project, reserve and surplus funds must be held in escrow and dedicated to major capital improvements
- Type
- New York State Senate bill
- Session
- 2023-24 session
- Status
- In Senate Committee
- Latest action date
- 2024-01-03
- In committee
- Housing, Construction And Community Development
- Introduced
- 2023-01-13
- Same as
- A4724
- Law section
- Private Housing Finance Law
Sponsors
- Liz Krueger State Senator, District 28
Co-sponsors
Heard in committee
- Housing, Construction And Community Development NY State Senate committee
Same as
- A4724 (2023-24 session) NY State bill