N.Y. Priv. Hous. Fin. Law § 84

Current through 2024 NY Law Chapter 553

Section 84 - Regulation of housing companies

The commissioner may:

1. Order such repairs as will preserve the health and safety of the occupants of such buildings and structures owned or operated by housing companies, and the maintenance thereof in proper condition and repair.

2. Order all housing companies to do such acts as may be necessary to comply with the provisions of the law, the rules and regulations adopted by the commissioner, or the terms of any project approved by the commissioner, or to refrain from doing any acts in violation thereof.

3. Examine all housing companies and keep informed as to their general condition, their capitalization and the manner in which their property is constructed, leased, operated or managed with respect to their compliance with all provisions of law and orders of the commissioner.

4. Either himself or through his inspectors or employees duly authorized by him, enter in or upon and inspect the property, equipment, buildings, plants, offices, apparatus and devices of any housing companies; examine all books, contracts, records, documents and papers of any housing companies and by subpoena duces tecum compel the production thereof.

5. In his discretion, prescribe uniform methods and forms of keeping accounts, records and books to be observed by housing companies, and after a hearing to prescribe by order accounts in which particular outlays and receipts shall be entered, charged or credited.

6. Require every housing company to file with the commissioner an annual report setting forth such information as the commissioner may require, verified by the oath of the president, vice-president, treasurer, secretary, general manager or receiver, if any, thereof, or by the person required to file the same. Such report shall be in the form, cover the period and be filed at the time prescribed by the commissioner. The commissioner may further require specific answers to questions upon which the commissioner may desire information and may also require such housing company to file periodic reports in the form, covering the period, and at the time prescribed by the commissioner.

7. (a) Administer oaths, take affidavits, hear testimony and take proof under oath at public or private hearings; (b) subpoena and require the attendance of witnesses and the production of books and papers pertaining to any investigation and inquiries authorized by this article and examine them in relation to any matter concerning which the power to investigate is granted; (c) issue commissions for the examination of witnesses who are out of the state or unable to attend before him or are excused from attendance; (d) investigate into the affairs of a housing company and into the dealings, transactions or relationships of such company with third persons; (e) intervene, as a matter of right, in any action or proceeding of which notice shall be given, affecting the project of a housing company; (f) take such steps in such action or proceeding as may be necessary to protect the public interest.

With regard to duties or liabilities arising out of this article, the state or the commissioner may be sued in the same manner as a private person. No costs shall be awarded against the commissioner or the state in any such litigation.

8. Waive, in whole or in part, any of the regulatory powers over mutual housing companies vested in him by this article after the period of municipal tax exemption granted to such mutual housing company projects pursuant to this article has expired.

8-a. Notwithstanding any other provision of law, with respect to projects completed prior to July first, nineteen hundred eighty-five, no limited dividend housing company shall be required to pay the commissioner any fees for the audit or other regulation of the company.

9. From time to time make, amend and repeal rules and regulations for carrying into effect the provisions of this article.

10. Modify supervision of a housing company upon finding that duplicative supervisory functions may impose an undue regulatory burden or unnecessary expenditure of agency resources, by taking such actions as are deemed appropriate, including consolidating supervisory functions associated with different programs, and entering into memoranda of understanding with other agencies for the allocation of supervisory functions.

N.Y. Priv. Hous. Fin. Law § 84