New York State Assembly

 
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A07637 Summary:

A07637 Actions:

A07637 Committee Votes:

Committee:HOUSING   Chair:Cymbrowitz      
DATE:05/24/2021AYE/NAY:28/0  Action: Favorable refer to committee Ways and Means        
Cymbrowitz
Aye
Fitzpatrick
Aye
Cook
Aye
Smith
Aye
Rosenthal
Aye
Byrnes
Aye
Rodriguez
Aye
Reilly
Aye
Kim
Aye
Schmitt
Aye
Pichardo
Aye
Brown
Aye
Walker
Aye
Jensen
Aye
Joyner
Aye
Lawler
Aye
Dilan
Aye
Bichotte Hermel
Aye
Davila
Aye
Barron
Aye
De La Rosa
Aye
Niou
Aye
Taylor
Aye
Epstein
Aye
Eichenstein
Aye
Meeks
Aye
Burdick
Aye
Rivera
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:06/03/2021AYE/NAY:33/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Nolan
Excused
Hawley
Aye
Pretlow
Aye
Montesano
Aye
Perry
Aye
Blankenbush
Aye
Colton
Excused
Norris
Aye
Cook
Aye
Brabenec
Aye
Cahill
Aye
Palmesano
Aye
Aubry
Aye
Byrne
Aye
Cusick
Aye
Ashby
Aye
Benedetto
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Dinowitz
Aye
Joyner
Aye
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye

Committee:RULES   Chair:Gottfried      
DATE:06/07/2021AYE/NAY:29/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Gottfried
Aye
Hawley
Aye
Nolan
Excused
Giglio
Aye
Weinstein
Aye
Blankenbush
Aye
Pretlow
Aye
Norris
Aye
Cook
Aye
Montesano
Aye
Glick
Aye
Ra
Aye
Aubry
Aye
Brabenec
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Paulin
Aye
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Aye

A07637 Floor Votes:

A07637 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7637
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 19, 2021
                                       ___________
 
        Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
          Committee on Housing
 
        AN ACT to amend the private housing finance law, in relation to  author-
          izing  additional supervision and regulation 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.  Section 32-a of the private housing finance law, as added
     2  by chapter 449 of the laws of 1975, subdivision 6 as  added  by  chapter
     3  744  of  the  laws of 1977, subdivision 7 as added by chapter 409 of the
     4  laws of 1982, subdivision 8 as added by chapter 594 of the laws of  2019
     5  and the closing paragraph as added by chapter 74 of the laws of 1988, is
     6  amended to read as follows:
     7    § 32-a. Additional supervision and regulation. The commissioner or the
     8  supervising agency, as the case may be, shall:
     9    1. Promulgate  regulations  providing  for recognition of duly consti-
    10  tuted tenants' associations and cooperators' advisory  councils  by  the
    11  commissioner  or  supervising  agency, as the case may be, and providing
    12  that a housing company shall meet on  a  regular  basis  with  represen-
    13  tatives  of  such  an  association  or  council  at the specific project
    14  involved to discuss matters relating to the project. A duly  constituted
    15  cooperators'  advisory  council shall only be such a council in a mutual
    16  company project prior to the election of a board  of  directors  by  the
    17  tenant-cooperators.
    18    2. Require every company to file with him, her or it an annual operat-
    19  ing  budget  for each individual project in the manner prescribed by the
    20  commissioner or supervising agency.
    21    3. Require every company to file with him, her or  it  semi-annual  or
    22  quarterly  financial  statements and an annual financial statement. Each
    23  annual financial statement shall be accompanied by a certificate of  the
    24  company's independent certified public accountant. Such financial state-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11105-01-1
        A. 7637                             2
 
     1  ments  shall  be  filed at the times and in the manner prescribed by the
     2  commissioner or supervising agency.
     3    4.  Afford  tenants  access to and an opportunity to acquire copies of
     4  all operating budgets or financial statements respecting the project  in
     5  which  such  tenants  reside, to the extent that such budgets and state-
     6  ments are required by law to be kept by the commissioner or  supervising
     7  agency.
     8    5.  Permit  any  tenant,  duly  constituted tenants' association, duly
     9  constituted cooperators' advisory council  or  his,  hers  or  its  duly
    10  authorized  representative to audit the books of the company and to have
    11  access during normal business hours to the financial records upon  which
    12  the company's financial statements are based.
    13    6.  Promulgate  regulations  relating  to  managing  agents, including
    14  criteria for the eligibility  for  selection  and  the  compensation  of
    15  managing  agents  by  companies organized pursuant to this article. Such
    16  regulations shall provide, among other things, that any contract with  a
    17  managing  agent  entered  into  after  September first, nineteen hundred
    18  seventy-seven shall be terminable for cause  and  shall  be  terminable,
    19  with  or  without cause, at least every twelve months after commencement
    20  of the term thereof, and that promptly  upon  termination  the  managing
    21  agent  shall  turn  over to the company all project records, rent rolls,
    22  bills, cancelled checks, bank statements and other papers owned by  such
    23  company.
    24    7.  Require  that  every  company file with him, her or it, within six
    25  months of the effective date of regulations implementing  this  subdivi-
    26  sion  and  in  such format as shall be prescribed by the commissioner or
    27  the supervising agency after consultation with the state energy  office,
    28  an energy audit report which identifies potential energy-saving building
    29  improvements,  including  alterations,  modifications and adjustments to
    30  the building  structure,  heating,  cooling,  lighting  and  ventilation
    31  systems;  their  relative  costs; potential energy and cost savings; and
    32  simple payback periods, which for the purpose of this subdivision  shall
    33  mean  that  period  of  time  within  which  the  estimated cost of such
    34  improvements, exclusive of the cost of capital, would be recovered  from
    35  the  savings  generated by reduced energy consumption resulting from the
    36  improvements. The energy audit shall be conducted by a  public  utility,
    37  an engineer or architect licensed by the state, or the managing agent or
    38  other  representative  of the company if such individual has attended an
    39  energy audit training workshop sponsored  by  the  commissioner  or  the
    40  state energy office. A copy of the energy audit report, required herein,
    41  shall   be  given  to  any  duly  constituted  tenant's  association  or
    42  cooperator's  advisory  council  and  a  copy  shall  be  available  for
    43  inspection  and  copying  by  any individual tenant who requests it. The
    44  commissioner or supervising agency shall also require that every company
    45  certify by March thirty-first, nineteen  hundred  eighty-four  that  all
    46  compatible  conservation  measures identified in the energy audit report
    47  which have simple payback periods of one year or less have  been  imple-
    48  mented;  provided,  however,  if  the commissioner or supervising agency
    49  determines within sixty days of the date  the  energy  audit  report  is
    50  filed  that  one or more of such identified conservation measures cannot
    51  be implemented by  March  thirty-first,  nineteen  hundred  eighty-four,
    52  given  the  projected  rent  revenues  and other monies available to the
    53  company from reserve funds, loans or grants from the  state  or  federal
    54  government  or any other source, the implementation of such conservation
    55  measures shall be provided for according to a schedule prescribed by the
    56  commissioner or supervising agency.
        A. 7637                             3

     1    8. Every tenant or resident, or a person acting on behalf of a  tenant
     2  or  resident,  shall  be  permitted  to copy, by photographic means, any
     3  document within the scope of this section pertaining to the  project  in
     4  which  such  tenant  or resident resides. A reasonable fee, subject to a
     5  maximum  therefor  prescribed  in  regulations,  may be charged for such
     6  copies.
     7    9. Require that within ten days of the filing of any reports or finan-
     8  cial statements with the commissioner or supervising agency, the housing
     9  company shall transmit a copy of said report or financial statement to a
    10  duly constituted resident board of directors, and if there be none, to a
    11  cooperator's advisory council or a duly constituted tenants  association
    12  representing the project concerned. Where no such council or association
    13  exists in a project, a notice shall be posted informing the residents of
    14  the  location on the premises of the project where a copy of said report
    15  or financial statement is available for inspection. The notice shall  be
    16  posted  within  ten days of filing, in a prominent place on the premises
    17  of the project concerned.
    18    10. Require every voting member of a board of directors of  a  company
    19  subject  to  the  provisions of this article, elected or appointed for a
    20  term beginning on or after the effective date of  this  subdivision,  to
    21  complete,  within  the  first  year of his or her term and at least once
    22  every three years thereafter, a minimum of two  hours  of  training,  in
    23  person  or  virtually, as the commissioner or supervising agency, as the
    24  case may be, may deem appropriate on the financial  oversight,  account-
    25  ability and fiduciary responsibilities of a board member; and to require
    26  every  voting member of a board of directors of a company subject to the
    27  provisions of this article, elected or appointed for  a  term  beginning
    28  before the effective date of this subdivision, to complete such training
    29  within  one  year of the effective date of this subdivision and at least
    30  once every three years thereafter.
    31    11. Require every voting member of a board of directors of  a  company
    32  subject  to  the  provisions of this article, elected or appointed for a
    33  term beginning on or after the effective date of  this  subdivision,  to
    34  complete,  within  the  first  year of his or her term and at least once
    35  every three years thereafter, in addition to the  training  required  by
    36  subdivision  ten of this section, a training course, in person or virtu-
    37  ally, as the commissioner or supervising agency, as  the  case  be,  may
    38  deem  appropriate, to acquaint him or her with the powers, functions and
    39  duties of a board of directors of a company subject to the provisions of
    40  this article, as well as the powers and duties of  other  governing  and
    41  administrative  authorities  affecting  such  companies;  and to require
    42  every voting member of a board of directors of a company subject to  the
    43  provisions  of  this  article, elected or appointed for a term beginning
    44  before the effective date of this subdivision, to complete such training
    45  within one year of the effective date of this subdivision and  at  least
    46  once every three years thereafter.
    47    12.  Require  each member of a board of directors of a company subject
    48  to the provisions of this article to  demonstrate  compliance  with  the
    49  requirements set forth in subdivisions ten and eleven of this section by
    50  filing  a  certificate of completion of such course or courses on a form
    51  to be promulgated by the commissioner. Such form shall be filed with the
    52  secretary of the housing corporation and maintained by the secretary  as
    53  a corporate record and distributed annually to the shareholders and upon
    54  the  filing  of  any  director with the company of the intention to seek
    55  re-election to the position. Sixty days prior to any scheduled  election
    56  of  members  of  the  board  of  directors, the secretary of the housing
        A. 7637                             4
 
     1  company shall furnish the commissioner or the supervising authority,  as
     2  the case may be, with a list of all incumbent directors indicating which
     3  individuals  have  submitted  certificates required in this subdivision.
     4  Such  course  or courses shall be provided by the commissioner or super-
     5  vising agency, as the case may be, at no cost  to  the  trainee  or  the
     6  board to which the trainee has been elected.
     7    13.  Develop  the curricula used for training required by subdivisions
     8  ten and eleven of this section for which the supervising agency  or  the
     9  commissioner  may  request and shall receive the cooperation and assist-
    10  ance from any departments, divisions, boards,  bureaus,  commissions  or
    11  agencies  of  the state and political subdivisions thereof in developing
    12  such curricula. These curricula may be  offered  together  as  a  single
    13  course  or  separately.  The  training  required  by this section may be
    14  offered by providers approved by the commissioner or supervising agency,
    15  as the case may be. In approving other providers  for  these  trainings,
    16  the  commissioner  or  supervising  agency  shall  consider  a potential
    17  provider's understanding of cooperative homeownership; laws,  rules  and
    18  regulations  affecting companies subject to the provisions of this arti-
    19  cle; and the fiduciary responsibilities of the board  of  a  residential
    20  cooperative,  as  well  as  the experience of the provider in delivering
    21  such training.
    22    14. Hold such meeting or meetings,  in  person  or  virtually  as  the
    23  commissioner  or  supervisory  agency  shall  deem appropriate, with the
    24  board of a company on the financial oversight, accountability and  fidu-
    25  ciary  responsibilities  of such board; the powers, functions and duties
    26  of such board; and the powers and duties of other governing and adminis-
    27  trative authorities affecting such company.
    28    § 2. This act shall take effect immediately.