NY A09843

Eliminates annual contract funding caps of $100,000 per year for neighborhood preservation companies and not-for-profit corporations, removing restrictions that limited payments to $97,500 annually after aggregate funding reached $300,000.

Allows merged companies and corporations to maintain office facilities outside their designated neighborhood or region if located within a municipality wholly contained in their service area.

Reduces director residency requirement for neighborhood preservation companies from a majority to at least 33 percent of the board.

Establishes tiered funding formulas for merged entities based on number of companies involved and years since merger, ranging from 150-250 percent of base award for two-company mergers to 250-400 percent for four or more companies.

Creates separate merger savings funds for both neighborhood preservation companies and not-for-profit corporations to support new contracts in currently unserved areas of the state.