Real Property Law Section 231-B Amendment: Mandatory Flood Provisions in Proprietary Leases
November 7, 2023Real Property Law Section 231-B has been amended, effective immediately, to require that every existing and prospective residential lease provide a notice to the tenant with respect to the leased premises advising the tenant of the following:
- Partial or full inclusion in a FEMA designated flood plain;
- Partial or full inclusion in a Special Flood Hazard Area;
- Partial or full inclusion in a moderate risk flood hazard area; and
- Flood history and current flood risk arising from natural events such as heavy rain fall, coastal surges, tidal inundation or river over flows.
The law does not relate to flooding due to broken pipes or bathroom leaks, etc.
The statute’s reference to residential leases includes proprietary leases between cooperative apartment corporation’s and their shareholders, subleases between shareholder’s and their subtenants as well as leases between unit owners in condominium and HOAs and their tenants.
The requisite notice must also apprise the lessee/tenant of the availability of flood insurance and limitations of typical policies which typically do not cover flood damage.
The rationale behind this legislation is to increase public awareness of the risk of flood damage and availability of insurance so as to encourage tenants to procure adequate protection.
Click here for the full text of the legislation detailing the contents of the required notice. The required information as to the premises' flood category designation may be obtained from FEMA’s Flood Insurance Rate Maps.
Herrick's Condominium and Cooperative Group welcomes inquiries concerning preparation of the requisite notice or compliance with this new legislation.
For more information on condominium and cooperative law matters, please contact:
Bruce A. Cholst at +1 212 592 1621 or [email protected]
Andrew B. Freedland at +1 212 592 1623 or [email protected]
© 2023 Herrick, Feinstein LLP. This alert is provided by Herrick, Feinstein LLP to keep its clients and other interested parties informed of current legal developments that may affect or otherwise be of interest to them. The information is not intended as legal advice or legal opinion and should not be construed as such.