File #: Int 0799-2022    Version: * Name: A temporary moratorium on third party transfers of real property and a study on the eligibility of transferable property.
Type: Introduction Status: Committee
Committee: Committee on Finance
On agenda: 10/27/2022
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to a temporary moratorium on third party transfers of real property and a study on the eligibility of transferable property
Sponsors: Public Advocate Jumaane Williams, Farah N. Louis, Diana I. Ayala, Kristin Richardson Jordan
Council Member Sponsors: 4
Summary: This bill would impose a two-year moratorium on the Department of Housing Preservation and Developmentā€™s (HPD) Third Party Transfer program. The bill would also require quarterly reporting in which HPD discloses the properties it has identified as eligible for transfer through the Third Party Transfer program.
Indexes: Report Required, Sunset Date Applies
Attachments: 1. Summary of Int. No. 799, 2. Int. No. 799, 3. October 27, 2022 - Stated Meeting Agenda, 4. Hearing Transcript - Stated Meeting 10-27-22, 5. Minutes of the Stated Meeting - October 27, 2022
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
10/27/2022*Public Advocate Jumaane Williams City Council Referred to Comm by Council  Action details Meeting details Not available
10/27/2022*Public Advocate Jumaane Williams City Council Introduced by Council  Action details Meeting details Not available

Int. No. 799

 

By the Public Advocate (Mr. Williams) and Council Members Louis, Ayala and Richardson Jordan

 

A Local Law to amend the administrative code of the city of New York, in relation to a temporary moratorium on third party transfers of real property and a study on the eligibility of transferable property

 

Be it enacted by the Council as follows:

 

Section 1. Chapter 4 of title 11 of the administrative code of the city of New York is amended by adding a new section 11-412.3 to read as follows:

§ 11-412.3 Moratorium on third party transfer.  a. Notwithstanding any provision of law to the contrary, the department of finance and the department of housing preservation and development shall not initiate any foreclosure action against a class one or class two real property parcel pursuant to this chapter for a period of two years from the effective date of the local law that added this section. Where such an action has already been initiated against a class one or class two real property parcel prior to the effective date of the local law that added this section, the commissioner of finance shall withdraw the parcel from the proceeding pursuant to section 11-413.

b. During the two-year period described in subdivision a of this section, the department of housing preservation and development shall report on a quarterly basis the street address of each class one and class two property that such department determines would be eligible for acquisition pursuant to this chapter but for the moratorium on such actions set forth in subdivision a of this section, disaggregated by council district and community district. Such reports shall include the current status of the properties in question, including but not limited to whether the property has had foreclosure actions initiated against it and whether a foreclosure judgment has been entered against the property. The report shall be made in a machine-readable format and distributed to the speaker of the council, the council member in whose district such property is situated, and the community board in whose district such property is situated.

§ 2. This local law takes effect immediately and is deemed repealed two years after it becomes law.

 

 

 

 

 

Session 12

AS

LS #1751

8/25/22

 

Session 11

MJT

LS #8389

Int. #1315-2018