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.
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.
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.
Prohibits any increase in the average monthly rental of a property by a limited-profit housing company unless the appropriate local housing agency certifies that there exists no recorded violations against such property or that all recorded violations have been cleared, corrected or abated, and that such company is maintaining all essential services required to be furnished.
Prohibits real property that has converted from a limited-profit housing company to a housing development fund company from being eligible for a shelter rent tax abatement.
Enacts the "guaranteed reservation protection for rental car customers act"; provides that a rental vehicle company shall not charge any authorized driver a rental rate higher than the rate quoted in such driver's reservation.
Directs condominium and cooperative housing associations to complete capital reserve studies, including a thirty-year funding plan, in order to ensure that the condominium or cooperative housing association has adequate reserve funds available to repair or replace the assets located on the property that the association is obligated to maintain without the need to create any special assessment or loan obligation; specifies the content of the study; requires the study to be filed with the attorney general.
Amends the definitions of the terms "beneficial owner", "reporting company" and "exempt company" to set the scope of certain provisions relating to beneficial owners of limited liability companies; authorizes the department of state to further clarify any such definitions.
Prohibits temporary major capital improvement increases for buildings where the owner has demonstrated a pattern of violations unless the applicant shows by clear and convincing evidence that the proposed improvement will directly and substantially remedy those violations.
Requires that any proposed capital expenditure to be considered in any matter affecting a major change in rates must be described by the utility and shall include the purpose, cost, and benefits to the ratepayers and shall be posted on the PSC website.