Bill > S09723

This bill mandates that the New York City Housing Authority (NYCHA) provide information and training to all its residents about forming and operating resident management corporations, which are entities composed of NYCHA residents that contract to manage certain aspects of NYCHA properties. The bill defines a resident management corporation as a non-profit organization incorporated under New York's not-for-profit corporation law, with specific requirements for its board of directors, by-laws, voting members, and approval processes, including representation from resident councils or a majority of residents if no council exists. The legislation aims to empower residents by educating them on the formation, necessary qualifications, and potential advantages of establishing these resident-led management entities.