New York A01791 requires out-of-state affordable housing owners to maintain an escrow account for utility, tax, fire, and maintenance costs.

New York A01791 amends the private housing finance law to mandate that out-of-state affordable housing owners maintain an escrow account. This account must cover utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units in New York. The escrow account must contain at least 50% of the owner's property tax obligations for the prior tax year and an amount sufficient to cover potential fire services, as determined by the commissioner.

New York A01791 requires out-of-state affordable housing owners to maintain an escrow account for utility, tax, fire, and maintenance costs.

New York A01791 amends the private housing finance law to mandate that out-of-state affordable housing owners maintain an escrow account. This account must cover utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units in New York. The escrow account must contain at least 50% of the owner's property tax obligations for the prior tax year and an amount sufficient to cover potential fire services, as determined by the commissioner.