Senate Bill S3167

2013-2014 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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Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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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2013-S3167 (ACTIVE) - Details

See Assembly Version of this Bill:
A2833
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Add ยง36-b, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3850, A1287
2011-2012: S444, A1853
2015-2016: S2870, A1712
2017-2018: S3181, A5798
2019-2020: S3363, A4178
2021-2022: S1337, A3675
2023-2024: S1734, A4724
2025-2026: S2002, A1787

2013-S3167 (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.

2013-S3167 (ACTIVE) - Sponsor Memo

2013-S3167 (ACTIVE) - Bill Text download pdf 

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

                                  3167

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community 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:
  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.
                                                           LBD00805-01-3

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