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A05798 Summary:
| BILL NO | A05798 |
| SAME AS | SAME AS S03181 |
| SPONSOR | Cymbrowitz |
| COSPNSR | |
| MLTSPNSR | |
| Add §36-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. | |