Bill > A05381

This bill expands the documentation requirements for limited-profit housing companies, which are entities that develop and manage housing with certain profit restrictions, when they provide financial information to the commissioner of housing of New York State and any relevant supervising agency. Specifically, it mandates that these companies not only file semi-annual or quarterly and annual financial statements, but also post these annual statements on a website accessible to all shareholders within fourteen days of filing. Furthermore, the annual financial statement must now include detailed documentation of various aspects of the company's operations, such as records of all service contracts, invoices and bank statements for all expenses, reimbursement claims and petty cash transactions, reserve funding, staff salaries and bonuses, monthly rent collected from both residential and commercial tenants, the number of residents receiving housing benefits (including programs like the senior citizen rent increase exemption and Section 8 assistance), utility bills for the year, and a list of board members with their addresses, tenure, and any potential conflicts of interest. Additionally, the bill requires these companies to undergo an annual audit of their books to examine the legality, reasonableness, and necessity of their expenditures, and any disallowed expenditures will not be counted towards construction, management, or operating costs when applying to change rents or carrying charges for a project.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A5381