state_legiscan_drain · NY
Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.
March 7, 2025
Summary
If enacted, this bill would require out-of-state owners of affordable housing rental units in New York to maintain an escrow account for utility costs, property taxes, fire services, and regular maintenance. The goal is to ensure funds are available for essential property expenses, directly affecting out-of-state owners and indirectly impacting servicers managing these accounts.
AI-generated summary · Jun 8, 2026. Verify with your compliance counsel before acting.
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Source: https://www.nysenate.gov/legislation/bills/2025/S6263
Common questions
- What does "Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state." cover?
- If enacted, this bill would require out-of-state owners of affordable housing rental units in New York to maintain an escrow account for utility costs,…
- When was it published?
- It was published on March 7, 2025.
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