Bill > S05179

This bill establishes a two-year moratorium on the third party transfer program run by the Department of Housing Preservation and Development (HPD) in New York City. The third party transfer program is typically a mechanism that allows the city to transfer ownership of tax-delinquent properties to new owners (often non-profit organizations or private developers) with the goal of rehabilitating and preserving affordable housing. Under this legislation, the HPD commissioner is specifically directed to halt all activities related to this program for a two-year period, beginning immediately upon the act's enactment. The bill is straightforward in its purpose, suspending the program without providing extensive details about the reasons for the moratorium or specifying any conditions for its potential resumption after the two-year period. The legislation is concise, consisting of two sections: the first mandating the moratorium and the second ensuring the act takes effect immediately.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S5179