Q&A
HPD's power to reverse property transfers in TPT program
2:04:28
·
101 sec
Deputy Commissioner Kim Darga explains HPD's discretion to reverse property transfers in the Third Party Transfer (TPT) program under certain circumstances.
• HPD has the discretion to reverse transfers in extenuating circumstances • Reversals are not taken lightly as the property has been qualified and the transfer supported by counsel • Examples of reversals include cases of mistaken payments or clear evidence that an owner had attempted to pay correctly before foreclosure • There is no specific time limit in the law for HPD to reverse transfers, but significant delays could create risks
Pierina Ana Sanchez
2:04:28
Thank you.
2:04:29
Does HVD have the power to reverse a transfer once it is with neighborhood restore?
Kim Darga
2:04:37
So HPD does currently the city has the discretion if we find that there was some extenuating circumstance to reverse the transfer.
2:04:48
We that is not a decision we take lightly because counsel has the property qualified, and counsel did basically support the transfer.
2:05:02
We have had a couple instances where we made a decision that there was something unknown or mistake that was made, and therefore the property should not transfer.
2:05:13
So for example, the situation you talked about earlier when the owner were the wrong the the payment went to the wrong account, As soon as they found out that that happened and the owner had attempted to pay correctly preceding the foreclosure, we acted to reverse the transfer.
2:05:31
So there is certainly extenuating circumstances like that where it's clear the owner has done what they needed to do, and there was a mistake, and we will certainly take action.
Pierina Ana Sanchez
2:05:40
Is there a time limit for how long HPD has?
Kim Darga
2:05:44
I don't believe there's a time limit in the law, but It certainly would be something where, you know, the prop once the property qualifies, counsel proves it, the foreclosure happens, neighborhood restore owns it, it would really create significant risk if the city reverse transfers after a significant amount of time.
2:06:08
Got it.
