S6263 • 2025

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state

Housing Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Joseph A. Griffo
Last action: 2026-06-03
Official status: In Assembly Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

What This Bill Does

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-06-03 Senate
PASSED SENATE
2026-06-03 Senate
DELIVERED TO ASSEMBLY
2026-06-03 Assembly
REFERRED TO HOUSING
2026-05-06 Senate
ADVANCED TO THIRD READING
2026-05-05 Senate
2ND REPORT CAL.
2026-05-04 Senate
1ST REPORT CAL.890
2026-01-07 Senate
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
2025-06-13 Senate
COMMITTED TO RULES
2025-05-14 Senate
ADVANCED TO THIRD READING
2025-05-13 Senate
2ND REPORT CAL.
2025-05-12 Senate
1ST REPORT CAL.981
2025-03-07 Senate
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Official Summary Text

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state
Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          6263

                               2025-2026 Regular Sessions

                                    I N  S E N A T E

                                      March 7, 2025
                                       ___________

        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development

        AN  ACT to amend the private housing finance law, in relation to requir-
          ing certain out-of-state affordable  housing  owners  to  maintain  an
          escrow account for affordable housing rental units located in New York
          state

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. The private housing finance law is amended by adding a  new
     2  section 615 to read as follows:
     3    §  615.  OUT-OF-STATE AFFORDABLE HOUSING OWNER ESCROW ACCOUNT. 1.  FOR
     4  THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
     5  ING MEANINGS:
     6    (A) "HUD" SHALL MEAN THE  FEDERAL  DEPARTMENT  OF  HOUSING  AND  URBAN
     7  DEVELOPMENT.
     8    (B)  "OUT-OF-STATE  AFFORDABLE HOUSING OWNER" SHALL MEAN AN AFFORDABLE
     9  HOUSING DEVELOPMENT COMPANY THAT:
    10    (I) IS LOCATED OUTSIDE OF NEW YORK STATE;
    11    (II) OWNS TWENTY OR MORE AFFORDABLE HOUSING RENTAL  UNITS  LOCATED  IN
    12  NEW YORK STATE; AND
    13    (III)  RECEIVES FEDERAL FUNDING PURSUANT TO A HUD-ADMINISTERED PROGRAM
    14  OR INITIATIVE.
    15    2. (A) EVERY OUT-OF-STATE AFFORDABLE HOUSING OWNER SHALL  MAINTAIN  AN
    16  ESCROW  ACCOUNT,  HELD  BY  A BANK OR LICENSED LENDER, AS SUCH TERMS ARE
    17  DEFINED BY SECTION TWO OF THE BANKING LAW, FOR THE PURPOSE OF  FINANCING
    18  UTILITY  COSTS,  TAX OBLIGATIONS, FIRE SERVICES, AND REGULAR MAINTENANCE
    19  COSTS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE.
    20    (B) SUCH ESCROW ACCOUNT SHALL CONTAIN:

         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04486-01-5
        S. 6263                             2

     1    (I) FIFTY PERCENT OF SUCH OWNER'S PROPERTY TAX OBLIGATIONS FOR AFFORD-
     2  ABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE FOR  THE  PRIOR  TAX
     3  YEAR;
     4    (II)  FIFTY PERCENT OF UTILITY COSTS AND REGULAR MAINTENANCE COSTS FOR
     5  AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE FOR THE PREVI-
     6  OUS TWELVE MONTHS; AND
     7    (III) AN AMOUNT SUFFICIENT TO COVER ANY POTENTIAL  FIRE  SERVICES,  AS
     8  DETERMINED BY THE COMMISSIONER.
     9    §  2.  This  act  shall take effect on the sixtieth day after it shall
    10  have become a law.