State legislators propose law to bring greater transparency to condo boards.
Two state legislators from the Bronx have introduced a Bill of Rights for condominium unit-owners in the state legislature that is designed to heighten the transparency of condo board operations. The proposed legislation was inspired by a nasty legal battle over a 15 percent increase in common charges at the Parkchester South Condominium in the Bronx.
“There are certain issues that could not be addressed properly in the lawsuit, and so we decided that the best approach for both not-for-profit condominium owners and private condominium owners would be to draft a Bill of Rights for condo unit-owners,” says state Senator Ruben Diaz, who is sponsoring the bill with Assemblyman Luis Sepulveda.
The Bill of Rights would, among other things, give unit-owners the right to inspect or copy approved meeting minutes, IRS tax form 900 (if available), receipts for expenditures, bank and financial statements, bid proposals, accountant and consultant reports, and governmental health, building-code, and safety inspection reports. Boards would be required to propose spending limits every five years, and the board would vote on any “extraordinary” non-emergency expenditures after notice to the unit owners.