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A01712 Summary:

BILL NOA01712
 
SAME ASSAME AS S02870
 
SPONSORWright
 
COSPNSR
 
MLTSPNSRColton
 
Add S36-b, Priv Hous Fin L
 
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.
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