Q&A
Addressing concerns about properties in limbo between lien sale and TPT eligibility
1:09:09
·
125 sec
Council Member Sanchez raises concerns about properties that may fall into a gap between lien sale eligibility and Third Party Transfer (TPT) program eligibility. Deputy Commissioner Darga acknowledges the complexity of the issue and suggests further examination.
- The discussion focuses on properties that are exempt from lien sales due to distress but may not be selected for TPT
- There's a recognition that some eligible properties might not be included in a TPT round due to resource constraints or property characteristics
- Deputy Commissioner Darga suggests mapping out the issue together with lien sale experts to address this potential gap
- Both parties agree that this is a complex issue that requires further investigation and planning
Pierina Ana Sanchez
1:09:09
Thank you, deputy commissioner.
1:09:11
So I guess I'm I'm I've been worried on the on the other side of of that.
1:09:15
Right?
1:09:16
The the the other side of that being, what if what if 500?
1:09:23
What if 400?
1:09:24
What if, you know, the whatever number threshold HPD would like to see go through the program?
1:09:30
Is leaving a lot of properties in that delta between not eligible for the lien sale and eligible for 3rd party transfer.
Annette Hill
1:09:37
Mhmm.
Pierina Ana Sanchez
1:09:37
So how do I phrase this question?
1:09:42
What what is what would be the remedy for distressed properties in in that case and the residents that are living with them, the those properties in that limbo between Lean Cell and the PT?
Kim Darga
1:09:53
That's a really good question.
1:09:54
I think that's a good reason we should take another look at that within the legislation.
1:10:02
Because I think right.
1:10:03
The ideal is that properties that are exempt from the lien sale because they are distressed, meaning they meet these characteristics of having a high amount of debt and physical conditions would be the universe that's eligible for TPT.
1:10:18
Right?
1:10:19
I think if let's say there's 500 of those properties in the city at a moment in time, only feels like targeting 300 makes sense, either from a resource perspective and or from a just what we're seeing in terms of the characteristics of those properties.
1:10:37
I think what could be the result is that if those other 200 properties theoretically are not included this time, if conditions remain like that, they may be included in a future round.
1:10:52
Right?
1:10:52
That said, it's pretty complicated, and I think that's something we should try to map out together and with some of the folks that work on the lien sales specifically.
1:11:04
Got it.
Pierina Ana Sanchez
1:11:05
Okay.
1:11:06
That's that's helpful.
1:11:07
At least we have the same question.
1:11:08
Yeah.
1:11:09
I'm not
Kim Darga
1:11:10
sure I have the right answer today.
Pierina Ana Sanchez
1:11:12
It's all good.
1:11:12
We've we've got a got some time to figure this out.
1:11:15
So speaking speaking of those costs, can you just repeat a little bit about the cost of previous rounds of TPT?
