A01787Introduced in the Assembly
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; 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.
Introduced by Linda Rosenthal, District 67
What does this bill do?
Plain-English breakdown
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Official description
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; 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.
Where it stands
referred to housing
January 7, 2026
How did lawmakers vote?
No recorded vote is available for this bill yet.
What do people think?
Citizen Voice
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Bill history
referred to housing
referred to housing
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