Bill > A00056

This bill amends the Private Housing Finance Law to enhance the supervision of certain limited profit housing companies. The key change is that the Commissioner or the Supervising Agency shall take necessary and proper steps to effect available remedies, including commencing an action in the Supreme Court, if they believe the company is failing to comply with legal requirements or is acting in a way that is improper or prejudicial to the public, lienholders, stockholders, or tenants. The bill aims to provide the Commissioner and Supervising Agency with stronger tools to address issues with these limited profit housing companies.