Assembly Bill A5381

2025-2026 Legislative Session

Requires annual audits of limited-profit housing companies

download bill text pdf

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Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2025-A5381 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §32-c, Priv Hous Fin L

2025-A5381 (ACTIVE) - Summary

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.

2025-A5381 (ACTIVE) - 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

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