New York S06263 mandates out-of-state affordable housing owners to maintain an escrow account for utility, tax, fire services, and maintenance costs.

New York S06263 amends the private housing finance law by requiring out-of-state affordable housing owners to maintain an escrow account. This account must cover fifty percent of property tax obligations, fifty percent of utility costs and regular maintenance costs, and any potential fire services for affordable housing rental units in New York. The escrow account must be held by a bank or licensed lender as defined by the banking law.

New York S06263 mandates out-of-state affordable housing owners to maintain an escrow account for utility, tax, fire services, and maintenance costs.

New York S06263 amends the private housing finance law by requiring out-of-state affordable housing owners to maintain an escrow account. This account must cover fifty percent of property tax obligations, fifty percent of utility costs and regular maintenance costs, and any potential fire services for affordable housing rental units in New York. The escrow account must be held by a bank or licensed lender as defined by the banking law.