§ 8-04 Third Party Transfer Process.
RCNY § 8-04
(a)After the four-month period following the entry of a final in rem judgment with respect to a parcel of real property, but prior to expiration of the time set forth in Administrative Code §§ 11-401 et seq. for the conveyance of title to such real property to a Third Party following such judgment, HPD may: (1) request the Commissioner of Finance to execute a deed to a Third Party selected by HPD; or (2) take such other action as may be permitted by Administrative Code §§ 11-401 et seq. as HPD deems appropriate.
(b)If HPD selects a Third Party to acquire a property, HPD may arrange a closing date and may deliver the deed to the Third Party provided that the proposed conveyance has not been disapproved pursuant to Administrative Code § 11-412.2.
(c)HPD will provide a written notice to Tenants of properties that are the subject of an in rem judgment of foreclosure and eligible for the Third Party Transfer Program. Such notice will advise tenants of the foreclosure action, briefly describe the Third Party Transfer Program, and advise Tenants of an opportunity to apply for eventual ownership of such property under the sponsorship of a Third Party. Such notice shall be provided prior to entry of such judgment for such property and will be posted in a common area of the property, provided, however, that in the case of a property that is subject to a supplemental judgment of foreclosure due to a default in an installment agreement or a property that is subject to a summary judgment of foreclosure due to dismissal of an owner answer, such notice shall be provided prior to entry of such judgment or as soon as practicable thereafter. In addition, HPD will make an effort to place such notice beneath the doors of individual units in such properties.
