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 state comptroller.
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.
Relates to assessments of residential cooperative, condominium and rental property; defines the term "the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis".
Requires that the board of directors or board of managers of a converted cooperative or condominium, as the case may be, must be comprised of a majority of members elected by shareholders or owners in occupancy so that control of the converted cooperative or condominium is turned over to the unit owners as soon as possible; applies only to plans of 20 or more units.
Expands the New York state low income housing tax credit program to certain one to four family residences, including a cooperative or a condominium unit.
Relates to the disclosure of information on the fiscal health of a condominium, cooperative apartment building or cooperative community to prospective buyers, current owners and the condominium board or the cooperative board.
Establishes a tax credit for the installation of electrical outlets for charging electric cars in certain parking garages owned by condominium management associations or cooperative housing corporations.
Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings.