New York Laws
Article 4 - 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.