Transfer of distressed properties to third parties and to repeal chapter four of title eleven of the administrative code of the city of New York.

A Local Law to amend the administrative code of the city of New York, in relation to the transfer of distressed properties to third parties and to repeal chapter four of title eleven of the administrative code of the city of New York

This bill would repeal Chapter 4 of Title 11 of the Administrative Code of the City of New York, which governs the City’s Third Party Transfer (TPT) Program. Through the TPT program, the City forecloses on financially and physically distressed properties and transfers them to a third party for rehabilitation. This bill would create a new mechanism through which the City can foreclose on financially and physically distressed properties and transfer these properties to third parties for rehabilitation.