New York reserve study requirements
By the REcollab team, built by civil engineers. Last verified July 8, 2026.
New York has no statewide reserve study mandate today, but Assembly Bill A8945 would require every condo and co-op with more than $25,000 in common assets to complete a capital reserve study with a 30-year funding plan, review it annually, and file it with the State Comptroller. The bill is active in the Assembly Housing Committee. New Jersey passed its version in 2024 and gave boards one year to comply.
At a glance
| Statute | A8945 (pending, Assembly Housing Committee) |
|---|---|
| Who would be covered | Condo and co-op associations with $25,000+ in common area capital assets |
| Core deliverable | Capital reserve study with a 30-year funding plan |
| Review cycle | Annual review by board and property manager |
| State filing | File with the State Comptroller within 60 days of completion |
| Who can perform | Credentialed Reserve Specialist, licensed engineer, or architect |
| Catch-up window | 1 year after the law takes effect (if no study in prior 5 years) |
| Rules that apply today | NYC Local Law 97 (emissions), FISP facade cycles, Fannie Mae / Freddie Mac reserve expectations |
What A8945 would require
The bill would add section 339-mm to the Real Property Law, directing associations to complete reserve studies "including a thirty-year funding plan" so repairs can be funded without special assessments or loans. Studies would be filed with the Office of the State Comptroller, which can audit them and compel compliance. The full text is on the New York State Senate site.
The pressure that exists without the mandate
Fannie Mae and Freddie Mac expect roughly 15% reserve allocations, and buildings without a credible study can fail lender review, which blocks conventional mortgages for buyers. New York City insurance premiums have surged roughly 103% since 2020. Local Law 97 retrofits and FISP facade cycles mean most buildings face major capital work within a decade regardless of what Albany does.
Why boards start before the law passes
When New Jersey's one-year compliance window opened, engineering firms booked out and prices peaked. An annual-review requirement also favors studies that stay current rather than $10,000 to $40,000 snapshots that go stale by year two. Boards and managers that set up a live study now make a future mandate a non-event.
Deep dive: What Bill A8945 means for condo and co-op boards.
Frequently asked questions
Is a reserve study required by law in New York?
Not yet statewide. Assembly Bill A8945, which would mandate reserve studies with 30-year funding plans for condos and co-ops, is active in the Assembly Housing Committee. Lender rules from Fannie Mae and Freddie Mac already penalize buildings without credible reserve planning.
What NYC rules affect reserve planning today?
Local Law 97 emissions limits and FISP facade inspection cycles both force major capital work, and the hard insurance market rewards buildings with current data and a funded plan. None of these wait for a statewide mandate.
How much does a reserve study cost in New York City?
Traditional full studies typically run $10,000 to $40,000 with 60 to 90 day turnarounds. REcollab produces an engineer-reviewed study for roughly 40% less, in about an hour.
Sources: Assembly Bill A8945, New York State Senate.
This page summarizes the law for boards and managers; it is not legal advice. We re-verify each region against primary sources and date every revision.
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