No — New York has no statewide statute requiring HOAs, condominiums, or co-ops to perform reserve studies or maintain minimum reserve funding. The only statutory reserve-fund mandates are narrow: Real Property Law § 339-mm requires sponsor-funded reserve and capital funds for certain affordable-housing 'preservation' condominium plans, and New York City's conversion law (NYC Admin. Code § 26-703, Local Law 70 of 1982) requires a reserve fund of generally 3% of the offering price in co-op and condo conversions. A pending bill (A8945/S7600, 2025–26 session) would mandate capital reserve studies with 30-year funding plans, but it remained in committee as of mid-2026.
Verified against the statute 2026-07-06
No general requirement for HOAs, condominiums, or cooperatives statewide. RPL § 339-mm applies only to 'preservation condominium' offering plans (affordable-housing preservation conversions under Gen. Bus. Law § 352-eeeee), and NYC Administrative Code §§ 26-702–26-703 (Local Law 70 of 1982) applies only to co-op and condo conversion plans within New York City.
No statutory cycle — reserve studies are not mandated in New York.
No minimum reserve funding for associations generally. In NYC conversions, the sponsor must establish a reserve fund of generally 3% of the total offering price (or 3% of actual sales prices at the effective date, subject to a 1% floor) for capital repairs and replacements (NYC Admin. Code § 26-703); under RPL § 339-mm preservation plans, the offeror must fund a reserve fund of roughly 3% of total price plus a 0.5% dedicated capital fund.
There is no ongoing statutory reserve disclosure for typical associations. Offering plans regulated by the Attorney General under the Martin Act (Gen. Bus. Law § 352-e) disclose building finances at the point of sale, and boards of § 339-mm preservation condominiums must report all reserve-fund deposits and withdrawals to unit owners semi-annually.
Governs condominiums generally; contains no general reserve-study or reserve-funding mandate for associations.
Requires offerors of affordable-housing preservation condominium plans to establish a reserve fund (generally 3% of total price, or alternatively 3% of actual sales prices at the effective date with a 1%-of-total-price floor plus supplemental contributions) plus a dedicated capital fund of 0.5% of total price for the income-restricted rental units, both within 30 days of consummation, with semi-annual reporting to unit owners; violations carry civil penalties of $100 per unit per day (capped at $1,000 per unit), plus $1,000 per day for failure to establish the required reserve fund. Section is repealed November 5, 2031.
Re-verified July 2026: opened RPL § 339-mm and Article 9-B on nysenate.gov, confirming the 3%/1%-floor and 0.5% preservation-fund requirements, 30-day transfer, semi-annual reporting, November 5, 2031 repeal date, and the absence of any general mandate; corrected the penalty description to the statutory $100/unit/day (capped at $1,000/unit) plus $1,000/day for failure to establish the fund. Confirmed A8945 (Assembly Housing) and S7600 (Senate Judiciary) both last acted on January 7, 2026 and still in committee. The nysenate.gov page for NYC Admin. Code § 26-703 is unavailable, so that citation is stated in prose only; its 3% (1%-floor) conversion reserve fund was confirmed against the City's official code publisher (codelibrary.amlegal.com). Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in New York. Report an issue.
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