Distressed buildings subject to foreclosure by action in rem.

A Local Law to amend the administrative code of the city of New York, in relation to distressed buildings subject to foreclosure by action in rem

This bill would expand the definition of distressed to include buildings which are subject to Environmental Control Board (ECB) judgments as a result of building code violations in the amount of a lien to value ratio equal to or greater than 25%. This bill would also require the Department of Finance to report on tax lien activities as a result of ECB debt, including the number of buildings subject to tax liens for ECB judgment debts, the location of the buildings, the number of dwelling units in each building, and recommendations for whether a 25 percent lien to value ratio is an appropriate threshold for property to be considered distressed.