NY S03167 | 2013-2014 | General Assembly
Status
January 31 2013 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
Pending: Senate Housing, Construction, and Community Development Committee
Text: Latest bill text (Introduced) [HTML]
Pending: Senate Housing, Construction, and Community Development 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; 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.
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.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2013-01-31 | Senate | REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT |
Same As/Similar To
A02833 (Same As) 2013-01-18 - referred to housing
