New York Assembly Bill A05381 Latest Draft

   
  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