Bill > A01791

This bill requires out-of-state affordable housing owners with 20 or more rental units in New York that receive federal Housing and Urban Development (HUD) funding to establish and maintain a specific escrow account with a bank or licensed lender. The escrow account must include fifty percent of the previous year's property tax obligations for the New York rental units, fifty percent of the previous year's utility and maintenance costs, and an additional amount determined by the commissioner to cover potential fire services. The bill defines "out-of-state affordable housing owner" as a development company located outside New York that owns at least 20 affordable housing rental units in the state and receives federal funding through a HUD program. The purpose of this requirement is to ensure that these out-of-state owners have dedicated funds to cover essential costs related to maintaining affordable housing rental units in New York. The bill would take effect 60 days after becoming law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1791