Third Party Transfer Initiatives in New York City: A Solution to Property Abandonement
Date Published: 01/13/2003
Author: Lisa Mueller Levy, LISC
Publisher: LISC
This case study about New York City is the fourth in a series describing New York's effective strategies to return tax delinquent or vacant/abandoned properties to productive use. While tax liens against relatively stable properties are packaged and sold to investors, the Third Party Transfer Initiative was created to ensure the expeditious transfer of distressed, tax delinquent properties to responsible third parties, accompanied by development assistance from the City for third parties receiving properties. In the South Bronx, where a pilot third party transfer program is in its final stages, the positive impact of the new system is clearly evident.
Topics: Economic Development & Safety, --Vacant Properties, Land Use & Planning, --Vacant Properties
Type: Case study / model practice