§ 3-05 Rent Collection.
RCNY § 3-05
(a)Rent collection.
(1)Rent/carrying charges of tenant / cooperators is payable on the first day of each month.
(2)It is the responsibility of the managing agent to collect rent/carrying charges and take the necessary actions to collect past due rent/carrying charges.
(3)A charge for late payment of rent/carrying charges may be implemented by each housing company. In order to implement a late charge, a written request must be submitted to HPD setting forth the dollar amount of the proposed charge and the date of the month it is to be billed. In the case of a mutual housing company, a Board of Directors Resolution certified and acknowledged by the Secretary of the Corporation setting forth the adoption of the late charge by the Corporation shall be submitted to HPD. HPD shall respond in writing. Late charges shall be considered additional rent.
(b)Write-offs of uncollectible accounts.
(ii)Accounts receivable equal to or in excess of three months' rent may be written off only after approval by HPD. Requests for such approval must be supported by a detailed description of collection efforts and such other material as may be required by HPD.
(iii)Except for cases of fraud and misrepresentation, counsel to the housing company may be permitted to compromise and settle all accounts of vacated tenants turned over to him or her regardless of the amount involved when such compromise and settlement are of an urgent nature and are approved by the housing company. HPD must be advised of such settlements in cases where indebtedness equaled or exceeded three months' rent.
