Directs condominium and cooperative housing associations to complete capital reserve studies to ensure adequate funds for repairs and replacements.

This bill mandates that condominium and cooperative housing associations in New York conduct capital reserve studies, including a thirty-year funding plan, to ensure they have sufficient funds for repairs and replacements. The studies must be filed with the attorney general and include details such as reserve fund balances, anticipated income and expenses, and a proposed funding plan. The attorney general can review and audit these studies and compel associations to complete them if necessary. Associations with less than $25,000 in total common area capital assets are exempt.

Directs condominium and cooperative housing associations to complete capital reserve studies to ensure adequate funds for repairs and replacements.

This bill mandates that condominium and cooperative housing associations in New York conduct capital reserve studies, including a thirty-year funding plan, to ensure they have sufficient funds for repairs and replacements. The studies must be filed with the attorney general and include details such as reserve fund balances, anticipated income and expenses, and a proposed funding plan. The attorney general can review and audit these studies and compel associations to complete them if necessary. Associations with less than $25,000 in total common area capital assets are exempt.