Interest rate applied to unpaid charges for emergency repairs performed by the department of housing preservation and development.

A Local Law to amend the administrative code of the city of New York, in relation to the interest rate applied to unpaid charges for emergency repairs performed by the department of housing preservation and development

This bill would change the rate of interest applied by the Department of Finance to unpaid charges owed by landlords to the City for emergency repair work conducted by the Department of Housing Preservation and Development. Currently, the rate of interest is set at 7%. This bill would change the rate of interest to whatever rate the Council adopts in each fiscal year for the nonpayment of real property taxes.