Relates to establishing a property tax credit for class 2 cooperative and condominium buildings that are designated safe after a facade safety program inspection.
Creates the cooperative and condominium ombudsperson program; authorizes the residential unit tax; establishes the cooperative and condominium ombudsperson program fund.
Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
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.
Establishes a tax rebate program for rent-stabilized housing that targets buildings with individually occupied rent-stabilized apartments where the property tax burden significantly exceeds rental income.