Q&A
Duration of Neighborhood Restore's ownership of properties in TPT program
2:06:10
·
92 sec
Deputy Commissioner Kim Darga provides information on the duration of Neighborhood Restore's ownership of properties in the Third Party Transfer (TPT) program.
• Currently, 28 properties from Round 10 are still owned by Neighborhood Restore in the interim ownership stage • 20 of these are buildings, and 8 are lots • Most properties are expected to close on financing within the next year to year and a half • Litigation and the COVID-19 pandemic have caused delays in property transfers • Outside of the 28 properties mentioned, only 6 other buildings are still owned by Neighborhood Restore, mainly due to significant litigation
Pierina Ana Sanchez
2:06:10
On average, how long has neighborhood restore held title to property?
Kim Darga
2:06:15
So I don't have the average.
2:06:17
I can tell you the last round about half of the properties were in litigation, and so that really delayed the ability to stabilize.
2:06:24
And I would just caution us as in reforming the program that we are mindful of the design and making sure that it is not super prone to litigation risk.
2:06:37
So there are, I think, at this point in time, 28 buildings from round 10 that neighborhood restore or properties, I would say, that neighborhood restore still owns that are in the interim ownership stage.
2:06:54
A lot of those we expect to close on financing in the coming year, year and a half.
2:06:59
As litigation has been resolved on a number of those properties.
Pierina Ana Sanchez
2:07:03
How many students do you say?
Kim Darga
2:07:05
There are 28.
2:07:08
8 of those are lots.
2:07:09
20 are buildings.
2:07:10
So the lots take a little if they're going to be developed, they can take a little bit longer.
2:07:16
To convey.
2:07:19
So most of those should be conveyed within the next year, year and a half, and certainly the pandemic delayed things a little bit in 2020, 2021 as well.
2:07:31
Outside of those 28, there are only 6 other buildings that are still owned by neighborhood restorer, and all all I believe all of those have had significant litigation, and that's the reason why.
