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Senate Bill S1734

2023-2024 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 Senate Committee Housing, Construction And Community Development Committee

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2023-S1734 (ACTIVE) - Details

See Assembly Version of this Bill:
A4724
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Add §36-b, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3850, A1287
2011-2012: S444, A1853
2013-2014: S3167, A2833
2015-2016: S2870, A1712
2017-2018: S3181, A5798
2019-2020: S3363, A4178
2021-2022: S1337, A3675
2025-2026: S2002, A1787

2023-S1734 (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; 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.

2023-S1734 (ACTIVE) - Sponsor Memo

2023-S1734 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1734
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2023
                                ___________
 
 Introduced   by  Sens.  KRUEGER,  BAILEY,  HOYLMAN-SIGAL,  LIU,  RIVERA,
   SEPULVEDA, SERRANO -- read twice and ordered printed, and when printed
   to be committed to the Committee on Housing, Construction and Communi-
   ty Development
 
 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:
   § 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.
   §  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.
                                                            LBD03712-01-3

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