Requires annual audits of limited-profit housing companies to be made by the department of housing and community renewal, in conjunction with the New York city department of housing preservation and development.
STATE OF NEW YORK
________________________________________________________________________
5381
2025-2026 Regular Sessions
IN ASSEMBLY
February 13, 2025
___________
Introduced by M. of A. ROSENTHAL -- read once and referred to the
Committee on Housing
AN ACT to amend the private housing finance law, in relation to requir-
ing annual audits of limited-profit housing companies
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The private housing finance law is amended by adding a new
2 section 32-c to read as follows:
3 § 32-c. Annual audits. 1. The department of housing and community
4 renewal, in conjunction with the New York city department of housing
5 preservation and development, shall annually complete an administrative
6 audit of every company incorporated pursuant to the provisions of this
7 article.
8 2. The commissioner shall require every company to annually file with
9 the department of housing and community renewal or New York city depart-
10 ment of housing preservation and development as applicable, documenta-
11 tion of the following:
12 (a) records of all service contracts;
13 (b) invoices and bank statements for all expenses;
14 (c) any reimbursement claims and petty cash transactions;
15 (d) reserve funding;
16 (e) staff salaries and bonus pay, if applicable;
17 (f) total amount of residential and commercial rent collected per
18 month;
19 (g) total number of residents receiving housing benefits, including
20 but not limited to, the senior citizen rent increase exemption, and
21 assistance under section eight of the United States housing act of nine-
22 teen hundred thirty-seven;
23 (h) utility bills for the calendar year; and
24 (i) a list of board members with their addresses and any possible
25 conflicts of interest of such board members.
26 § 2. This act shall take effect on the first of January next succeed-
27 ing the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02516-01-5
