Bill
A 1791
Bill A 1791 requires out-of-state owners of affordable housing in New York to maintain an escrow account, ensuring funds for repairs and improving tenant living conditions.
Bill Number: A 1791
Title: Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state
Status: Referred to Housing
Introduced: January 14, 2025
Classification: Bill
Bill A 1791 aims to ensure that out-of-state owners of affordable housing rental units in New York maintain a financial safeguard through an escrow account. This measure is intended to protect tenants by ensuring that funds are available for necessary repairs, maintenance, and other obligations associated with the management of affordable housing units.
Escrow Account Requirement: The bill mandates that all out-of-state owners of affordable housing units in New York must establish and maintain an escrow account. This account will be used specifically for the upkeep and maintenance of their rental properties.
Funding Specifications: The bill does not specify the exact amount that must be deposited into the escrow account, but it emphasizes that the funds should be sufficient to cover anticipated maintenance and repair costs.
Compliance and Oversight: The bill outlines compliance measures to ensure that out-of-state owners adhere to the escrow requirement. This may include regular reporting to state housing authorities.
Out-of-State Property Owners: Owners of affordable housing units located in New York but based outside the state will be directly impacted by this legislation. They will need to establish and manage an escrow account.
Tenants: The primary beneficiaries of this bill are tenants living in affordable housing units. By ensuring that funds are available for maintenance, the bill aims to improve living conditions and tenant security.
State Housing Authorities: These agencies will be responsible for overseeing compliance with the escrow account requirements and ensuring that the funds are used appropriately.
Current Status: As of January 14, 2025, the bill has been referred to the Housing Committee for further consideration.
Related Legislation: This bill is related to prior-session Bill A 9628 and has a companion bill, S 6263, which may address similar issues or provide additional context.
Bill A 1791 represents a proactive approach to safeguarding the interests of tenants in affordable housing by requiring out-of-state owners to maintain financial reserves for property maintenance. By establishing an escrow account, the bill seeks to enhance the accountability of property owners and improve the overall quality of affordable housing in New York State.
Compiled from official sources — confirm details with the bill’s official record.
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