NY S06488

Amends subdivision 7 of section 32 of the private housing finance law to expand enforcement authority over limited profit housing companies in state-aided and municipally-aided projects.

Changes language from "may, in addition to such other remedies as may be available, commence" to "shall take such steps, as may be necessary and proper to effect such remedies as may be available," making enforcement action mandatory rather than discretionary.

Authorizes the commissioner or supervising agency to commence actions in New York Supreme Court to stop violations, seek injunctions, and/or appoint temporary or permanent receivers when companies fail to comply with law or regulatory orders.

Maintains existing court procedures including a 20-day response period for companies to answer petitions and allows courts to conduct informal inquiries into facts and circumstances without formal pleading requirements.

Takes effect immediately upon enactment.