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Financial support for properties in TPT program

2:03:41

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46 sec

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Deputy Commissioner Kim Darga explains the financial support provided to properties in the Third Party Transfer (TPT) program, regardless of whether they become affordable rental properties or limited equity cooperatives.

• HPD provides support necessary to ensure buildings are renovated • Full residential tax exemptions are generally provided • Rental assistance may be offered if available at the time

Pierina Ana Sanchez

2:03:41

Got it.

2:03:41

Thank you.

2:03:42

And for these 73 properties, properties that have petitioned for tenant ownership and done so successfully, are they are they receiving the same kind of financial support that other properties moving through the through TPTR?

Kim Darga

2:03:56

Yeah.

2:03:56

Regardless of whether or not a property is going to be an affordable rental property or a limited equity cooperative, HPD provides the support necessary to make sure the building properties are renovated.

2:04:15

We generally provide full residential tax exemptions and to the extent that it's available at a moment in time.

2:04:22

We will provide rental assistance.

2:04:24

If we have of Renbird and residence.

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Process and timeline for tenant petitions for ownership in TPT program

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HPD's power to reverse property transfers in TPT program