Expands documentation requirements for limited-profit housing companies when providing information to the commissioner of housing of the state of New York and any relevant supervising agency.
Relates to elections involving board members, by-law amendments, or dissolution, reconstitution or conversion of mutual housing companies; provides that ballots shall be cast electronically to a neutral third party; provides that by-laws approved by shareholders and the commissioner of housing or supervising agency may limit eligibility for being a candidate for board of directors of a mutual housing company; relates to quorum for purposes of an election of board members in certain mutual housing companies.
Relates to elections involving board members, by-law amendments, or dissolution, reconstitution or conversion of mutual housing companies; provides that ballots shall be cast electronically to a neutral third party; provides that by-laws approved by shareholders and the commissioner of housing or supervising agency may limit eligibility for being a candidate for board of directors of a mutual housing company; relates to quorum for purposes of an election of board members in certain mutual housing companies.
Includes certain cooperative or limited-profit housing companies for purposes of conversions to cooperative or condominium ownership in the city of New York.
Requires annual inspections of Mitchell-Lama buildings; requires the appointment of housing management representatives to perform such inspections; requires notification of violations to housing companies; requires such housing companies to certify correction of violations.
Expands the powers of the New York state division of housing and community renewal and supervising agencies and modifies the obligations of certain New York state funded housing providers.
Increases transparency in cooperative housing corporations by giving shareholders more rights to information of the co-op and limiting the powers of management companies and boards.