N.Y. Private Housing Finance Law Section 32-B
Annual reports

The commissioner shall, on or before the first day of July in each year, submit a report to the legislature, the state comptroller, and the attorney general on the implementation of article 2 (Limited-profit Housing Companies)article two of this chapter by the commissioner and the supervising agency and the policy included therein. Such report shall include and not be limited to rent and carrying charge levels, changes therein, operation of the state capital grant program and federal subsidy programs, tax abatement levels, total capital outlay, amortization, mortgage interest rates, income levels served by the housing, surcharge billings and collections and use of surcharge revenues, and vacancy rates. Such report shall also include information regarding any limited-profit housing company that has voluntarily dissolved in the preceding calendar year, and any limited-profit housing company that has filed a notice of intent to dissolve in the current calendar year with the commissioner and the supervising agency. This information shall include, but not be limited to, the name and address of the development, the number of units in the development, a range of amounts of rent offered in the development, the number of tenants in the development, the current vacancy rate in the development, income levels served by the development, how long the limited-profit housing company has participated in the program, and any sales or transfers that have occurred since the limited-profit housing company was created. For the purpose of preparing such report, the commissioner may request, and shall receive, from any municipality or supervising agency such data as he deems necessary or desirable and such municipality or supervising agency shall furnish the requested data within sixty days of such request.

Source: Section 32-B — Annual reports, https://www.­nysenate.­gov/legislation/laws/PVH/32-B (updated Nov. 29, 2019; accessed May 24, 2025).

10
Short title 11
Policy and purposes of article 11–A
Additional policy and purposes of article 12
Definitions 13
Limited-profit housing companies 13–A
The applicability of not-for-profit corporation law 13–B
Verification of papers filed with supervising agency 13–C
Voting, election and referendum procedures 14
Consent of commissioner to incorporation 15
Participation by certain corporations and individuals 16
Limited-profit housing companies 17
Powers 18
Designation of and service of process on secretary of state and registered agent 19
Consideration for issuance of stock, bonds or income debentures 20
Mortgages, mortgage bonds and notes 21
Capital structure 22
State loans 22–A
Redevelopment loans 22–B
Loans for state-aided limited-profit housing companies 23
Municipal loans and municipally aided projects 23–A
Mortgage modifications, evidence of pre-existing indebtedness 23–B
Participation in loan or investment 23–C
Mortgage modifications 24
Income debentures 25
Working capital 26
Conditions and security for loans 26–A
Findings for municipally-aided projects 26–B
Special provisions with respect to state urban development corporation projects 26–C
Special provisions with respect to Battery Park city projects 27
Limitations 28
Payments from earnings 29
Acquisition of property 30
Transfer of real property 31
Rentals and selection of tenants 31–A
Resale price of shares 31–B
Assignment or pledge of tenant cooperator’s shares 31–C
Tenant-cooperators 32
Supervision and regulation 32–A
Additional supervision and regulation 32–B
Annual reports 33
Tax exemptions 34
Foreclosure and judgments 35
Voluntary dissolution 35–A
Requirements regarding dissolution 36
Sale of project prior to termination of tax exemption 36–A
Additional powers of municipalities 37
Separability clause
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Accessed:
May 24, 2025

Last modified:
Nov. 29, 2019

§ 32-B’s source at nysenate​.gov

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