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Assembly Bill A5381A

2025-2026 Legislative Session

Expands documentation requirements for limited-profit housing companies

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Current Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2025-A5381 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §32-a, Priv Hous Fin L

2025-A5381 - Summary

Expands documentation requirements for limited-profit housing companies when providing information to the commissioner of housing of the state of New York and any relevant supervising agency.

2025-A5381 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5381
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:

   Section 1. The private housing finance law is amended by adding a  new
 section 32-c to read as follows:
   §  32-C.  ANNUAL  AUDITS.  1.  THE DEPARTMENT OF HOUSING AND COMMUNITY
 RENEWAL, IN CONJUNCTION WITH THE NEW YORK  CITY  DEPARTMENT  OF  HOUSING
 PRESERVATION  AND DEVELOPMENT, SHALL ANNUALLY COMPLETE AN ADMINISTRATIVE
 AUDIT OF EVERY COMPANY INCORPORATED PURSUANT TO THE PROVISIONS  OF  THIS
 ARTICLE.
   2.  THE COMMISSIONER SHALL REQUIRE EVERY COMPANY TO ANNUALLY FILE WITH
 THE DEPARTMENT OF HOUSING AND COMMUNITY RENEWAL OR NEW YORK CITY DEPART-
 MENT OF HOUSING PRESERVATION AND DEVELOPMENT AS  APPLICABLE,  DOCUMENTA-
 TION OF THE FOLLOWING:
   (A) RECORDS OF ALL SERVICE CONTRACTS;
   (B) INVOICES AND BANK STATEMENTS FOR ALL EXPENSES;
   (C) ANY REIMBURSEMENT CLAIMS AND PETTY CASH TRANSACTIONS;
   (D) RESERVE FUNDING;
   (E) STAFF SALARIES AND BONUS PAY, IF APPLICABLE;
   (F)  TOTAL  AMOUNT  OF  RESIDENTIAL  AND COMMERCIAL RENT COLLECTED PER
 MONTH;
   (G) TOTAL NUMBER OF RESIDENTS RECEIVING  HOUSING  BENEFITS,  INCLUDING
 BUT  NOT  LIMITED  TO,  THE  SENIOR CITIZEN RENT INCREASE EXEMPTION, AND
 ASSISTANCE UNDER SECTION EIGHT OF THE UNITED STATES HOUSING ACT OF NINE-
 TEEN HUNDRED THIRTY-SEVEN;
   (H) UTILITY BILLS FOR THE CALENDAR YEAR; AND
   (I) A LIST OF BOARD MEMBERS WITH  THEIR  ADDRESSES  AND  ANY  POSSIBLE
 CONFLICTS OF INTEREST OF SUCH BOARD MEMBERS.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2025-A5381A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §32-a, Priv Hous Fin L

2025-A5381A (ACTIVE) - Summary

Expands documentation requirements for limited-profit housing companies when providing information to the commissioner of housing of the state of New York and any relevant supervising agency.

2025-A5381A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5381--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 13, 2025
                                ___________
 
 Introduced by M. of A. ROSENTHAL, REYES -- read once and referred to the
   Committee  on  Housing  --  recommitted to the Committee on Housing in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 AN ACT to amend the private housing finance law, in relation  to  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:
 
   Section 1. Subdivision 3  of  section  32-a  of  the  private  housing
 finance  law,  as amended by chapter 684 of the laws of 2021, is amended
 to read as follows:
   3. Require every company to file with [him, her or it] THE COMMISSION-
 ER OR SUPERVISING AGENCY semi-annual or quarterly  financial  statements
 and an annual financial statement. Each annual financial statement shall
 be  accompanied  by a certificate of the company's independent certified
 public accountant. Such financial statements shall be filed at the times
 and in the manner prescribed by the commissioner or  supervising  agency
 AND  WITHIN  FOURTEEN  DAYS  OF SUCH FILING, THE COMPANY SHALL POST SUCH
 FINANCIAL STATEMENT ON A WEBSITE AVAILABLE TO ALL SHAREHOLDERS AND MAIN-
 TAINED BY THE BOARD OF DIRECTORS.  SUCH ANNUAL FINANCIAL STATEMENT SHALL
 INCLUDE, BUT NOT BE LIMITED TO, DOCUMENTATION OF THE FOLLOWING:
   (A) RECORDS OF ALL SERVICE CONTRACTS;
   (B) INVOICES AND BANK STATEMENTS FOR ALL EXPENSES;
   (C) ANY REIMBURSEMENT CLAIMS AND PETTY CASH TRANSACTIONS;
   (D) RESERVE FUNDING;
   (E) STAFF SALARIES AND BONUS PAY, IF APPLICABLE;
   (F) TOTAL AMOUNT OF RESIDENTIAL  AND  COMMERCIAL  RENT  COLLECTED  PER
 MONTH;
   (G)  TOTAL  NUMBER  OF RESIDENTS RECEIVING HOUSING BENEFITS, INCLUDING
 BUT NOT LIMITED TO, THE SENIOR  CITIZEN  RENT  INCREASE  EXEMPTION,  AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02516-03-6

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