Assembly Bill A1853

2011-2012 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A1853 (ACTIVE) - Details

See Senate Version of this Bill:
S444
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §36-b, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A1287, S3850
2013-2014: A2833, S3167
2015-2016: A1712, S2870
2017-2018: A5798, S3181
2019-2020: A4178, S3363
2021-2022: A3675, S1337
2023-2024: A4724, S1734

2011-A1853 (ACTIVE) - 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; 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.

2011-A1853 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1853

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2011
                               ___________

Introduced by M. of A. WRIGHT -- read once and referred to the Committee
  on Housing

AN ACT to amend the private housing finance law, in relation to the sale
  of limited-profit housing projects

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The private housing finance law is amended by adding a  new
section 36-b to read as follows:
  S  36-B.  SALE  OR  OTHER  CONVEYANCE  OF PROJECT. NOTWITHSTANDING ANY
INCONSISTENT PROVISION OF LAW, UPON THE SALE OR OTHER  CONVEYANCE  OF  A
PROJECT  BY  A COMPANY TO ANY ENTITY OTHER THAN A COMPANY, THE FOLLOWING
REQUIREMENTS SHALL APPLY.
  1. ALL RESERVE AND SURPLUS FUNDS TRANSFERRED BY THE COMPANY TO THE NEW
OWNER MUST BE HELD BY SUCH NEW OWNER IN ESCROW ACCOUNTS AND MAY BE  USED
BY  SUCH  NEW  OWNER  SOLELY  FOR  THE  PURPOSE  OF MAKING MAJOR CAPITAL
IMPROVEMENTS TO THE PROJECT.
  2. NO RENTAL OR OTHER CHARGE MAY BE INCREASED  BY  THE  NEW  OWNER  TO
DEFRAY THE COST OF ANY MAJOR CAPITAL IMPROVEMENT UNLESS AND UNTIL ALL OF
SUCH  RESERVE AND SURPLUS FUNDS HAVE BEEN EXPENDED TO DEFRAY THE COST OF
MAJOR CAPITAL IMPROVEMENTS.
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01002-01-1


              

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