NY S07019

Amends the not-for-profit corporation law to allow housing development fund companies incorporated under Section 573 of the private housing finance law to have a sole member that is a public corporation, authority, municipal corporation, or housing company.

Requires that the sole member entity must be composed of the chair and duly appointed and elected commissioners or directors of that public corporation, authority, municipal corporation, or housing company.

Creates an exception to the existing requirement that non-charitable not-for-profit corporations must have at least three members (effective July 1, 2019).

Takes effect immediately upon enactment.