Bill > A08945

This bill requires condominium and cooperative housing associations to complete comprehensive capital reserve studies, which are detailed financial assessments designed to ensure these associations have sufficient funds to maintain and repair common areas without resorting to special assessments or loans. The study must be conducted by a qualified professional like a reserve specialist, engineer, or architect, and must cover a thirty-year period, including analysis of the association's current fund balances, anticipated income and expenses, physical condition of common areas, estimated repair and replacement costs, and a proposed long-term funding plan. Associations with less than $25,000 in common area assets are exempt. If an association's reserve fund is inadequate, they must incrementally increase funding over three to ten years, depending on the required increase percentage. The study must be reviewed annually by the board and property management company, and must be filed with the state comptroller within 60 days of completion. New associations will have two years after electing a board to complete their first study, while existing associations that haven't conducted a study within five years must do so within one year of the law's effective date. The goal is to promote financial transparency and ensure long-term maintenance of shared property without placing undue financial burden on residents.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8945