N.Y. Real Property Law § 339-m: Common profits and expenses

§ 339-m. Common profits and expenses. The common profits of the

property shall be distributed among, and the common expenses shall be

charged to, the unit owners according to their respective common

interests, provided however, that expenses of insurance may be charged

as provided in section three hundred thirty-nine-bb. Notwithstanding any

provision of this article, profits and expenses may be specially

allocated and apportioned by the board of managers in a manner different

from common profits and expenses, to one or more non-residential units

where so authorized by the declaration and bylaws. In the case of units

in any building, residential or non-residential, or a combination

thereof, profits and expenses may be specially allocated and apportioned

based on special or exclusive use or availability or exclusive control

of particular units or common areas by particular unit owners, if so

authorized by the declaration and bylaws, in a manner different from

common profits and expenses. Notwithstanding any provision of this

article, common expenses may be charged to the owners of units that are

subject to a regulatory agreement with a governmental entity or

instrumentality limiting the household income of the residents of such

units upon initial occupancy that are less than the common expenses

charged to owners of other units where such lesser charges are necessary

to ensure that the combined common expenses, mortgage and other housing

costs paid by owners of units subject to such regulatory agreements do

not exceed thirty percent of the household income limit specified in

such regulatory agreements. Where so authorized by the declaration and

bylaws, common expenses may be charged to owners of units subject to

such regulatory agreements in a manner that (i) is not proportional to

the respective common interests of such owners, (ii) limits the amount

charged to such owners, or (iii) limits the rate at which the amount

charged to such owners may increase. The existence of such special

allocation of common expenses and its financial impact upon all units

shall be disclosed as a special risk in any offering plan.