Provides that the assessment of residential cooperatives, condominiums and rental property shall not apply to certain condominiums unless such condominiums are participating in an affordable housing tax credit program or has a regulatory agreement.
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.