Establishment of a preservation trust program with respect to certain tax liens.

A Local Law to amend the administrative code of the city of New York, in relation to the establishment of a preservation trust program with respect to certain tax liens

This legislation would require the Department of Housing and Preservation and Development (“HPD”), in conjunction with the Department of Finance (“DOF”), to promulgate rules establishing a preservation trust program which would allow for the negotiated sale of tax liens on distressed properties to a trust created for the purpose of rehabilitating and preserving affordable housing. The legislation would also authorize DOF to sell such tax liens to a trust eligible under the preservation trust program and expand the definition of distressed property.