2012 New York Consolidated Laws
PVH - Private Housing Finance
Article 4 - (70 - 97) LIMITED DIVIDEND HOUSING COMPANIES
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.