N.Y.C. Administrative Code § 26-703
Under New York City's Reserve Fund Law (N.Y.C. Admin. Code § 26-703, enacted as Local Law 70 of 1982), the offeror (sponsor) of a NYC cooperative or condominium conversion must establish and transfer a reserve fund to the cooperative corporation or condominium board of managers within thirty days after the closing of the conversion. The fund must equal three percent of the total price (or an alternative calculation based on three percent of actual sales at plan effectiveness with a one-percent-of-total-price minimum plus supplemental contributions), and may be used exclusively for capital repairs, replacements, and improvements necessary for the health and safety of residents. HPD is the agency charged with oversight of the Reserve Fund Law.
Fair Housing Act, 42 U.S.C. § 3604(f)(3)(C); 24 C.F.R. § 100.205
N.Y. Gen. Oblig. Law §§ 7-103, 7-108
N.Y. Private Housing Finance Law Article XI (§§ 570 et seq.; § 577)
N.Y. Real Prop. Acts. Law (RPAPL) §§ 711, 731, 733, 749, 768
N.Y. Real Prop. Law § 226-c
N.Y. Real Prop. Law Art. 6-A §§ 210-218
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