Requires review of contracts over $50,000 by limited-profit housing companies.
This bill amends the private housing finance law to mandate that the commissioner of housing and community renewal, or the appropriate supervising agency, review contracts worth $50,000 or more entered into by a limited-profit housing company. The review aims to ensure the prudent and economical use of funds and to guard against favoritism, extravagance, fraud, and corruption.
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