Division of Housing and Community Renewal

Harry Silver Housing Company: Selected Financial and Management Practices

Many of New York's publicly financed housing developments are owned by private housing companies, such as the Harry Silver Housing Company, which owns 288 cooperative apartments in Brooklyn. We examined the Company's internal controls over revenues and expenditures, and found that improvements are needed. For example, certain fees were collected and disbursed without authorization, and unpaid rents were not collected in a timely manner. We also found that the Company had not been closely overseen by the Division of Housing and Community Renewal, as units were leased to residents whose names were not on the official waiting list and apartments were occupied without the required approval of the Division. We recommend that Company operations be more closely overseen by the Division.

For a complete copy of Report 97-S-41 click here.