Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities; requires financial statements to be prepared using GAAP; requires auditing for certain buildings by CPAs.
Management and Safety of Condominium and Cooperative Buildings
Establishes certain rights upon the expiration of ground lease residential cooperative apartment buildings.
Establishes certain rights upon the expiration of ground lease residential cooperative apartment buildings.
Creates the cooperative and condominium ombudsperson program; authorizes the residential unit tax; establishes the cooperative and condominium ombudsperson program fund.
Condominium and Cooperative Associations
Condominium and Cooperative Associations
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.
Open Financial Statements Act.
Condominium and Cooperative Associations