2010 New York Code
PVH - Private Housing Finance
Article 2 - (10 - 37) 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.
    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.