Q&A
Role and operations of Neighborhood Restore in the TPT process
0:51:42
·
78 sec
Kim Darga explains the role and operations of Neighborhood Restore in the Third Party Transfer (TPT) process.
- Neighborhood Restore is the designated third party to be the interim owner of foreclosed properties
- The organization was created specifically for TPT to hold properties during the interim stage
- Neighborhood Restore works with designated developers and property managers to secure financing and renovate buildings
- Their primary role is to ensure basic operating needs and critical maintenance are addressed during the interim period
Kim Darga
0:51:42
finance.
0:51:43
So what exactly remember?
Gale Brewer
0:51:47
How how how does it work?
0:51:48
How much do they get paid?
0:51:49
Does their role?
0:51:50
Blah blah blah.
Kim Darga
0:51:51
Okay.
0:51:51
So neighborhood restore is the
Gale Brewer
0:51:54
I know what it is, but
Kim Darga
0:51:56
third party Mhmm.
0:51:57
That the city has designated to be the interim owner.
0:52:01
So back pre 1996, when we the city foreclosed on property, we took it directly into city ownership.
0:52:07
We found that was very inefficient.
0:52:11
And so the idea is that we conveyed to a 3rd party that holds the property, and then we work with that 3rd party and sorry.
0:52:21
Designated developer slash property manager.
0:52:24
That comes from a qualified list.
0:52:27
They manage it during interim time frame, and then that designated developer and property manager work to secure financing to renovate and stabilize the building.
0:52:39
So neighborhood restore's primary role is to they were created specifically for TPT, is specifically to hold the property during that interim stage and make sure that the basic operating needs and critical maintenance are addressed.
0:52:55
They work with those property owner, manager, to make sure that those things are happening.
Gale Brewer
0:53:00
How long does that take, and how much does it cost us in?
