File #: Int 1420-2025    Version: * Name: Sale of interests in tax liens to a land bank.
Type: Introduction Status: Committee
Committee: Committee on Finance
On agenda: 10/9/2025
Enactment date: Law number:
Title: A Local Law in relation to the sale of interests in tax liens to a land bank
Sponsors: Sandy Nurse, Justin L. Brannan
Council Member Sponsors: 2
Summary: This bill would require the commissioner of finance to execute a sale of the City’s interests in tax liens held in trust to a city land bank upon its establishment. This bill would require the commissioner to execute such sale no later than 6 months after the creation of a city land bank. In the event that any such sale could not be accomplished, this bill would require the commissioner to submit a report to the council to explain the reasons therefor.
Indexes: Report Required
Attachments: 1. Summary of Int. No. 1420, 2. Int. No. 1420, 3. October 9, 2025 - Stated Meeting Agenda

Int. No. 1420

 

By Council Members Nurse and Brannan

 

A Local Law in relation to the sale of interests in tax liens to a land bank

 

Be it enacted by the Council as follows:

 

Section 1. Subject to the terms of any applicable indenture or other agreement, the city of New York shall make best efforts to sell its right, title and interest in, to and under any tax lien held in trust to the land bank established pursuant to a local law for the year 2025 amending the administrative code of the city of New York, relating to the creation of a land bank, as proposed in introduction number 570. No later than 6 months after approval of such local law by the urban development corporation pursuant to subdivision g of section 1603 of the not-for-profit corporation law and the filing, pursuant to such local law, of an amended certificate of incorporation for such land bank with the department of state in accordance with article 1 of the not-for-profit corporation law, the commissioner of finance shall execute such sale. No later than 30 days after determining that the sale of any such right, title and interest to such land bank cannot be accomplished, the commissioner of finance shall submit a report of such determination to the council. Such report shall identify the right, title and interest that the commissioner of finance determines to be prevented from sale and shall contain an explanation of the obstacles, including any legal or financial issues, preventing such sale. 

  § 2. This local law takes effect immediately.

LS #20431

10/6/25