§ 339-M — Common profits and expenses

New York § 339-M

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 9-B: Condominium Act

Text

§ 339-m. Common profits and expenses. The common profits of the\nproperty shall be distributed among, and the common expenses shall be\ncharged to, the unit owners according to their respective common\ninterests, provided however, that expenses of insurance may be charged\nas provided in section three hundred thirty-nine-bb. Notwithstanding any\nprovision of this article, profits and expenses may be specially\nallocated and apportioned by the board of managers in a manner different\nfrom common profits and expenses, to one or more non-residential units\nwhere so authorized by the declaration and bylaws. In the case of units\nin any building, residential or non-residential, or a combination\nthereof, profits and expenses may be specially allocated and apportioned\nbased on special or exclusive use or availability or exclusive control\nof particular units or common areas by particular unit owners, if so\nauthorized by the declaration and bylaws, in a manner different from\ncommon profits and expenses. Notwithstanding any provision of this\narticle, common expenses may be charged to the owners of units that are\nsubject to a regulatory agreement with a governmental entity or\ninstrumentality limiting the household income of the residents of such\nunits upon initial occupancy that are less than the common expenses\ncharged to owners of other units where such lesser charges are necessary\nto ensure that the combined common expenses, mortgage and other housing\ncosts paid by owners of units subject to such regulatory agreements do\nnot exceed thirty percent of the household income limit specified in\nsuch regulatory agreements. Where so authorized by the declaration and\nbylaws, common expenses may be charged to owners of units subject to\nsuch regulatory agreements in a manner that (i) is not proportional to\nthe respective common interests of such owners, (ii) limits the amount\ncharged to such owners, or (iii) limits the rate at which the amount\ncharged to such owners may increase. The existence of such special\nallocation of common expenses and its financial impact upon all units\nshall be disclosed as a special risk in any offering plan.\n