NY Priv Hous Fin L § 32-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 32-A - Additional Supervision and Regulation.

§ 32-a. Additional supervision and regulation. The commissioner or the   supervising agency, as the case may be, shall:1. Promulgate   regulations   providing   for   recognition   of  duly   constituted tenants' associations and cooperators' advisory councils  by   the  commissioner  or  supervising  agency,  as  the  case  may  be, and   providing that a housing company shall meet  on  a  regular  basis  with   representatives  of  such  an  association  or  council  at the specific   project involved to discuss matters relating  to  the  project.  A  duly   constituted  cooperators'  advisory council shall only be such a council   in a mutual company  project  prior  to  the  election  of  a  board  of   directors by the tenant-cooperators.2.  Require  every  company to file with him or it an annual operating   budget for each individual project  in  the  manner  prescribed  by  the   commissioner or supervising agency.3.  Require  every  company  to  file  with  him  or it semi-annual or   quarterly financial statements and an annual financial  statement.  Each   annual  financial statement shall be accompanied by a certificate of the   company's  independent  certified  public  accountant.  Such   financial   statements  shall  be filed at the times and in the manner prescribed by   the commissioner or supervising agency.4. Afford tenants access to and an opportunity to  acquire  copies  of   all  operating budgets or financial statements respecting the project in   which  such  tenants  reside,  to  the  extent  that  such  budgets  and   statements  are  required  by  law  to  be  kept  by the commissioner or   supervising agency.5. Permit any tenant,  duly  constituted  tenants'  association,  duly   constituted  cooperators' advisory council or his or its duly authorized   representative to audit the books of the  company  and  to  have  access   during  normal  business  hours  to the financial records upon which the   company's financial statements are based.6. Promulgate  regulations  relating  to  managing  agents,  including   criteria  for  the  eligibility  for  selection  and the compensation of   managing agents by companies organized pursuant to  this  article.  Such   regulations  shall provide, among other things, that any contract with a   managing agent entered into  after  September  first,  nineteen  hundred   seventy-seven  shall  be  terminable  for cause and shall be terminable,   with or without cause, at least every twelve months  after  commencement   of  the  term  thereof,  and that promptly upon termination the managing   agent shall turn over to the company all project  records,  rent  rolls,   bills,  cancelled checks, bank statements and other papers owned by such   company.7. Require that every company file with him or it, within  six  months   of  the  effective date of regulations implementing this subdivision and   in such format as  shall  be  prescribed  by  the  commissioner  or  the   supervising  agency  after consultation with the state energy office, an   energy audit report which identifies  potential  energy-saving  building   improvements,  including  alterations,  modifications and adjustments to   the building  structure,  heating,  cooling,  lighting  and  ventilation   systems;  their  relative  costs; potential energy and cost savings; and   simple payback periods, which for the purpose of this subdivision  shall   mean  that  period  of  time  within  which  the  estimated cost of such   improvements, exclusive of the cost of capital, would be recovered  from   the  savings  generated by reduced energy consumption resulting from the   improvements. The energy audit shall be conducted by a  public  utility,   an engineer or architect licensed by the state, or the managing agent or   other  representative  of the company if such individual has attended an   energy audit training workshop sponsored  by  the  commissioner  or  the   state energy office. A copy of the energy audit report, required herein,    shall   be  given  to  any  duly  constituted  tenant's  association  or   cooperator's  advisory  council  and  a  copy  shall  be  available  for   inspection  and  copying  by  any individual tenant who requests it. The   commissioner or supervising agency shall also require that every company   certify  by  March  thirty-first,  nineteen hundred eighty-four that all   compatible conservation measures identified in the energy  audit  report   which  have  simple  payback  periods  of  one  year  or  less have been   implemented; provided,  however,  if  the  commissioner  or  supervising   agency  determines within sixty days of the date the energy audit report   is filed that one or  more  of  such  identified  conservation  measures   cannot   be   implemented   by   March  thirty-first,  nineteen  hundred   eighty-four,  given  the  projected  rent  revenues  and  other   monies   available  to  the  company from reserve funds, loans or grants from the   state or federal government or any other source, the  implementation  of   such conservation measures shall be provided for according to a schedule   prescribed by the commissioner or supervising agency.8.  Every tenant or resident, or a person acting on behalf of a tenant   or resident, shall be permitted to  copy,  by  photographic  means,  any   document  within  the scope of this section pertaining to the project in   which such tenant or resident resides. A reasonable fee,  subject  to  a   maximum  therefor  prescribed  in  regulations,  may be charged for such   copies.Require that within ten days of the filing of any reports or financial   statements with the commissioner  or  supervising  agency,  the  housing   company shall transmit a copy of said report or financial statement to a   duly constituted resident board of directors, and if there be none, to a   cooperator's  advisory council or a duly constituted tenants association   representing the project concerned. Where no such council or association   exists in a project, a notice shall be posted informing the residents of   the location on the premises of the project where a copy of said  report   or  financial statement is available for inspection. The notice shall be   posted within ten days of filing, in a prominent place on  the  premises   of the project concerned.