New York S02002 mandates that reserve and surplus funds from limited-profit housing company projects be held in escrow by new owners and used for.

New York S02002 amends the private housing finance law to establish requirements for the sale or conveyance of limited-profit housing company projects. When such projects are sold to entities other than new limited-profit housing companies, the new owners must hold reserve and surplus funds in escrow accounts, using them solely for major capital improvements. Additionally, the bill prohibits the new owner from increasing rents or other charges to cover the cost of major capital improvements until all reserve and surplus funds have been expended.

New York S02002 mandates that reserve and surplus funds from limited-profit housing company projects be held in escrow by new owners and used for.

New York S02002 amends the private housing finance law to establish requirements for the sale or conveyance of limited-profit housing company projects. When such projects are sold to entities other than new limited-profit housing companies, the new owners must hold reserve and surplus funds in escrow accounts, using them solely for major capital improvements. Additionally, the bill prohibits the new owner from increasing rents or other charges to cover the cost of major capital improvements until all reserve and surplus funds have been expended.