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Process and timeline for tenant petitions for ownership in TPT program
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3 min
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Deputy Commissioner Kim Darga explains the detailed process and timeline for tenant petitions for ownership in the Third Party Transfer (TPT) program. The process involves multiple stages from pre-foreclosure to potential conversion to cooperative ownership.
• Pre-foreclosure stage: 4-month period for tenants to submit required materials after city requests foreclosure judgment • Eligibility criteria: Buildings must have at least 10 units, be 50% occupied, and have 80% of residents sign the application • Post-foreclosure stage: Developer/owner works on renovation needs and financing plan • Final decision stage: 80% of residents must meet various requirements (attend training, be in good standing on rent, remain interested) through construction completion