REMARKS
Introduction of Intro 1063: The Housing Recovery and Resident Protection Act
0:05:48
·
47 sec
Council Member Sanchez introduces Intro 1063, also known as the Housing Recovery and Resident Protection Act, which aims to overhaul the problematic 3rd party transfer program.
- The new legislation uses the city's power of municipal foreclosure to target the worst buildings while protecting and expanding homeownership opportunities
- It addresses issues with the previous program, such as the problematic 'block pickup' provision
- The council member emphasizes that the new program aims to target only the most distressed properties
Pierina Ana Sanchez
0:05:48
To that end, today we're hearing intro 1063 or what we're calling the Housing Recovery And Resident Protection Act, which overhauls the problematic 3rd party transfer program and uses the city of power the city's power of municipal foreclosure in a manner that targets the worst buildings in New York City, while protecting and expanding homeownership opportunities.
0:06:08
To highlight key features of the program, the old program included a block pickup provision, where if one property on a block qualified for the program, then all properties were considered for the for 3rd party transfer and led to buildings and buildings inappropriately moving through the program.
0:06:24
The 2019 council audit found that 83 nondestressed properties were selected for TPT that would that were located on the same block as a distressed property, but they were not distressed themselves.
