N.Y. Private Housing Finance Law § 84: Regulation of housing companies

§ 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.