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S03181 Summary:

BILL NOS03181
 
SAME ASSAME AS A05798
 
SPONSORKRUEGER
 
COSPNSRBAILEY, HOYLMAN, MONTGOMERY, RIVERA, SEPULVEDA, SERRANO
 
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.
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