New York City Housing Development Corporation
Board Governance The New York City Housing Development Corporation is responsible for financing affordable housing developments. The Corporation is governed by a seven-member Board. We examined selected Board governance practices and found that certain improvements were needed. In particular, even though Board members are not entitled to receive a salary or any type of compensation, one Board member received health insurance coverage from September 2001 to March 2007, with a total cost in premiums of $56,646. There was no indication other Board members were involved in the decision to give this person compensation and no indication other Board members were ever aware of this arrangement. We also found that some Board members did not file required annual disclosure forms on time.
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