Q&A
Explanation of TPT as a companion to the tax lien sale program
0:46:02
·
66 sec
Kim Darga explains the relationship between the Third Party Transfer (TPT) program and the tax lien sale program, clarifying how they work together and their eligibility criteria.
- TPT is described as a companion to the tax lien sale program
- Properties with certain distressed characteristics would not be eligible for the lien sale
- Once a lien is sold, it's no longer eligible for inclusion in the TPT action
- Council Member Brewer emphasizes the need for clarity in explaining these programs to the public
Kim Darga
0:46:02
Okay.
0:46:04
So this is a companion to the tax lien stamp.
0:46:08
Right.
0:46:08
Right?
0:46:10
And they
Gale Brewer
0:46:11
might be new in this situation.
0:46:13
That's why I'm asking.
Kim Darga
0:46:14
Right.
0:46:14
So the way I think this is currently drafting, we may need to refine this slightly.
0:46:20
Right?
0:46:20
The lean soil legislation was just reauthorized in June.
0:46:26
I the idea is you have a regular lean soil, and then properties that are made the certain distressed characteristics as proposed here would not be eligible for the lien sale.
0:46:37
If a lien is sold, it's no longer leaned to the City of New York, so it's not eligible to be included in this action.
Gale Brewer
0:46:44
I think you'd make that clearer to people.
0:46:46
Okay.
Annette Hill
0:46:47
So I
Gale Brewer
0:46:47
I think it's it is confusing.
0:46:48
Yes.
0:46:49
And I was thinking June 20 I think the 25th October or November, there's a lien sale coming up.
0:46:54
I tried to get the buildings in it, but they're not eligible during this time period, etcetera.
0:46:58
So I'm just saying I think for the public in general, it has to be very clear as to what's what, particularly if this bill passes, which I hope it does.
Christie Peale
0:47:07
Okay.
0:47:08
Got it.
Gale Brewer
0:47:08
And then the HCFC, that's a big mess.
