Bloomberg Law
Aug. 14, 2019, 7:15 PM

New York to Force Banks to Pay Association Fees on Zombie Homes

Keshia Clukey
Keshia Clukey

Banks will be required to continue to pay for homeowners’ association fees on zombie properties in New York state as part of a package of bills signed into law by Gov. Andrew M. Cuomo.

The Democratic governor Aug. 14 approved a bill (A.1800/S.4182) that requires banks or mortgage holders of vacant or abandoned residential properties to pay homeowners’ association or cooperative fees, ensuring they don’t become dilapidated before the foreclosure is finalized. The bill takes effect immediately.

Another measure (A.92A/S.5017A) signed by Cuomo would require banks to provide borrowers with a list of all application documents ...