Management Co.

·  Are hired from a group pre selected by DHCR, make a presentation and outline their work skills and what services they will provide CVI in support and the chosen Management Co is hired on a yearly contract, to be evaluated yearly.

·  They are vetoed by DHCR as capable and experienced (the only requirement that I found was to apply to DHCR by a deadline, I question how much background check was actually done, GM Washington has been sued for labour law violations, how was she found acceptable)

· Keep financial records and books, send  required monthly reports to DHCR with budget, work done, needed or in progress, vacancies and arrears among other vital information

A Mitchell-Lama management agreement is a contract between a private housing company that owns a development and a professional managing agent, which must be reviewed and approved by New York State's Division of Housing and Community Renewal (DHCR). [1]

Key Elements of the Agreement

Operational Control: Defines the duties of the managing agent in running daily building operations. [1]

Compliance: Ensures the property follows the New York Private Housing Finance Law and DHCR rules.

Fiduciary Duty: Requires agents to maintain financial integrity, properly account for funds, and use separate accounts for development monies. [1]

Maintenance: Obligates the agent to provide safe, clean, and habitable living conditions for residents. [1]

DHCR Oversight: Gives assigned DHCR housing management representatives the authority to evaluate agent performance and review building