§ 45-01 Purpose and Scope.
RCNY § 45-01
Section 11-354 of the New York City Administrative Code provides that real property sold pursuant to a foreclosure action brought by the City of New York under such section may be sold only to the highest responsible bidder. As authorized by such section, the Commissioner of Finance, after consultation with the Commissioner of Housing Preservation and Development, promulgates these rules establishing criteria by which a purchaser may be deemed a responsible bidder. These rules shall apply to all sales of real property pursuant to judgments in foreclosure actions brought pursuant to New York City Administrative Code § 11-354 to foreclose a tax lien.
