Bill Text: NY A00056 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to the supervision of certain limited profit housing companies.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2024-01-03 - referred to housing [A00056 Detail]

Download: New_York-2023-A00056-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           56

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 4, 2023
                                       ___________

        Introduced  by  M.  of A. L. ROSENTHAL, SEAWRIGHT, SIMON, REYES, COOK --
          read once and referred to the Committee on Housing

        AN ACT to amend the private housing finance  law,  in  relation  to  the
          supervision of certain limited profit housing companies

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 7 of section 32 of the private housing  finance
     2  law,  as  amended by chapter 550 of the laws of 1968, is amended to read
     3  as follows:
     4    7. Whenever the commissioner, in the case of a company undertaking  or
     5  otherwise operating a state-aided project, or the supervising agency, in
     6  the  case of a company undertaking or otherwise operating a municipally-
     7  aided project, shall be of the opinion that such company is  failing  or
     8  omitting,  or  is about to fail or omit to do anything required of it by
     9  law or by order of the commissioner or  is  doing  or  is  about  to  do
    10  anything,  or  permitting anything, or is about to permit anything to be
    11  done, contrary to and in violation of law or of any order, regulation or
    12  directive of the commissioner or the supervising agency, as the case may
    13  be, or which is improvident  or  prejudicial  to  the  interest  of  the
    14  public,  the  lienholders, the stockholders, or the tenants, the commis-
    15  sioner or the supervising agency, as the case may be, [may, in  addition
    16  to  such  other  remedies as may be available, commence] shall take such
    17  steps, as may be necessary and proper to effect such remedies as may  be
    18  available. Such remedy may include commencing an action or proceeding in
    19  the  supreme  court  of the state of New York in the name of the commis-
    20  sioner or the supervising agency, as the case may be, for the purpose of
    21  having such violations or threatened violations stopped  and  prevented,
    22  and  in  such  action or proceeding the court may appoint a temporary or
    23  permanent receiver or both. Such action or proceeding shall be commenced
    24  by a petition to the supreme court, alleging the violation complained of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00965-01-3
        A. 56                               2

     1  and praying for appropriate relief. It shall thereupon be  the  duty  of
     2  the  court  to specify the time, not exceeding twenty days after service
     3  of a copy of the petition, within which the company complained  of  must
     4  answer  the  petition.  In case of any default or after answer the court
     5  shall immediately inquire into  the  facts  and  circumstances  in  such
     6  manner  as the court shall direct without other or formal pleadings, and
     7  without respect to any technical requirements.  Such  other  persons  or
     8  corporations  as  it shall seem to the court necessary or proper to join
     9  as parties in order to make its order  or  judgment  effective,  may  be
    10  joined  as  parties. The final judgment in any such action or proceeding
    11  shall either dismiss the action or proceeding or direct that an order or
    12  an injunction, or both, issue, or  provide  for  the  appointment  of  a
    13  receiver  as  prayed for in the petition, and grant such other relief as
    14  the court may deem appropriate.
    15    § 2. This act shall take effect immediately.