New York, NY HOA Rules: Assessment & Dues (2026)

Condo common charges are allocated by percentage of common interest as defined in the declaration and offering plan, per RPL §339-m. Co-op maintenance fees are set by the board based on share allocations in the proprietary lease. Annual budgets must be approved by the board and distributed to owners/shareholders. Special assessments in condos typically require board resolution and, for large assessments (often exceeding a threshold in the bylaws, such as 10% of the annual budget), may require a vote of unit owners. Co-op special assessments are at the board's discretion under the BCL unless the proprietary lease provides otherwise. Under RPL §339-z, a condo association has a statutory lien for unpaid common charges that is prior to all other liens except tax liens and first mortgages recorded before the lien. Co-ops can begin holdover proceedings and potentially terminate the proprietary lease for chronic non-payment. Late fees and interest on delinquent payments must be authorized in the bylaws or proprietary lease.